1 Process Costing - Weighted Average DATA INPUT 3 Casablanca Ltd. produces a single lacquer paint which passes through two production 4 departments. The following information concerns the first of those production departments 5 Direct materials are added at the beginning of the production process and conversion costs are 6 incurred uniformly throughout the process. Total conversion costs are computed as direct labour 7 costs, plus 8 The following information is available for May: 9 Opening Work in Process: 10 Number of units 11 Degree of completion 12 Material costs 13 Conversion costs 14 May Production: 15 Units started 16 Units completed and transferred to Process 2 17 Current material costs 18 Current direct labour costs 19 20 Closing Work In Process: 21 Degree of completion 30% of direct labour costs, for the allocation of overhead costs 5,600 40% $27,000 $57,600 45,600 32,800 $118,700 $187,000 30% 23 The company uses weighted average costing. There is no spoilage or wastage in the production. 24 process 25 Required: 26 a) Prepare a Production Cost Report for May, showing the allocation of costs to 27 28 b) Prepare the Work in process T account for the first production department for May 29 30 closing work in process and to production transferred to the next department Solve using a spreadsheet showing calculations to two decimal places