Product Cost Report-Weighted Average Method Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes....

 

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Product Cost Report-Weighted Average Method Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows: Cost of beginning inventory Direct materials... Conversion costs Costs added in Department 1: Direct materials. . . Direct labor.. Manufacturing overhead. Department 1 handled the following units during May: $ 9,800 16,480 $295,120 298,550 203,130 796,800 LO3 X Units in process, May 1, 2019 B Units started in Department 1. Units transferred to Department 2 Units in process, May 31, 2019 2,000 40,000 39,000 3,000 On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for process costing. Required Prepare the product cost report for Department 1 for May. Product Cost Report-Weighted Average Method Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows: Cost of beginning inventory Direct materials... Conversion costs Costs added in Department 1: Direct materials. . . Direct labor.. Manufacturing overhead. Department 1 handled the following units during May: $ 9,800 16,480 $295,120 298,550 203,130 796,800 LO3 X Units in process, May 1, 2019 B Units started in Department 1. Units transferred to Department 2 Units in process, May 31, 2019 2,000 40,000 39,000 3,000 On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for process costing. Required Prepare the product cost report for Department 1 for May.