A. Using the weighted average method, prepare a units of production schedule for the FINISHING department that details units to account for, units accounted for and equivalent full units of production.
Beginning
work in process
Tanning Finishing
Units ? 4,000
% Complete as to direct materials 100% 100%
% Complete as to conversion costs 40% 60%
Direct materials / Transferred in costs $6,000 $7,000
Conversion costs $18,000
$10,000
Current month production
Units started in production
? ?
Units completed and transferred out 16,000 18,000
Direct materials / Transferred in costs added $18,000 ?
Conversion costs added
$32,000 $19,000
Costs transferred out $50,000
?
Ending work in process
Units ?
2,000
% Complete as to direct materials 100%
% Complete as to conversion costs ? 30%
Required:
- Using the weighted average method, prepare a units of production schedule for the FINISHING department that details units to account for, units accounted for and equivalent full units of production.
- Using the weighted average method, prepare a costs of production schedule for the FINISHING department that details total costs to account for, costs per equivalent full unit of production and total costs accounted for. (Note: there will be a small rounding difference in the cost reconciliation)
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