Tapyt Inc. manufactures throw rugs. The throw rug department weaves cloth and yarn into throw rugs of various sizes. Tapyt uses the weighted average method. Materials are added uniformly throughout the weaving process. In August, Tapyt switched from FIFO to the weighted average method. The following data are for the throw rug department for August:

The owner of Tapyt insisted on a formal report that provided all the details of the weighted average method. In the manufacturing process, all materials are added uniformly throughout the process.

Required:
Prepare a production report for the throw rug department for August using the weighted average method.

Transcribed Image Text:

Production: Units in process, August 1, 60% complete Units completed and transferred out Units in process, August 31, 60% complete Costs: WIP, August 1 Current costs Total 60,000 180,000 60,000 $ 216,000 907,200 $1,123,200