Reference no: EM132741504
Process costing system
The following data concern the operations of the company's first processing department for a recent month.
Work in process, beginning:
Units in process ........................................................... 300
Stage of completion with respect to materials ............ 60%
Stage of completion with respect to conversion.......... 60%
Costs in the beginning inventory:
Materials cost ........................................................... $1,314
Conversion cost ........................................................ $6,102
Units started into production during the month .............. 22,000
Units completed and transferred out .............................. 21,800
Costs added to production during the month:
Materials cost .............................................................. $164,436
Conversion cost ........................................................... $728,058
Work in process, ending:
Units in process ........................................................... 500
Stage of completion with respect to materials ............ 60%
Stage of completion with respect to conversion.......... 10%
Required:
Problem 1: Provide a production report for the department using the weighted-average and FIFO methods.
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