Green Products Inc. cans peas and uses the weighted average cost method. For the month of November, the company showed the following:
Peas completed and canned................. 245,000 lb
Peas in process at the end of November:
100% complete as to peas, 50% complete
as to labor and overhead, 0% complete as
to cans ................................................. 16,500 lb
Cost data:
Peas........................................ $.10 per equivalent pound
Labor...................................... $.25 per equivalent pound
Overhead................................ $.15 per equivalent pound
Cans........................................ $.07 per can
Each can contains 16 oz, or 1 lb, of peas.
Required:
1. Calculate the cost of the completed production for November.
2. Show the detailed cost of the ending inventory for November.