G H C D Problem 3: Process Costing Cool Chips produces condensed in using two processes: Baking and Packaging The company's accountant has produced the following process costing data for February 20YY: Cool Chips - Process costing data for February 20YY Units information (i.e. pounds of product) Beginning Work in progress (WIP) (in pounds) Units started in production this month (in pounds) Units/gallons completed & transferred out during the month Completion percentage at end of month: Ending WIP, direct materials added (%) Ending WIP, conversion work performed (%) Costs information Baking Dept. Packaging Dept. 800 2,000 10,500 See Baking 10,300 13,500 100% 10% 50% 75% $ $ Beginning WIP, costs added in prior periods: Direct materials Conversion cost: direct labor 1,600 9,250 2,400 12,125 Conversion cost: overhead applied 1,040 40,000 Transferred in costs N/A 33,000 Costs added to process in February 20YY: Direct materials 21,000 62,500 Conversion cost: direct labor 35,500 Conversion cost: overhead applied 9,660 20,000 67,000 Required: Using the weighted average method and the template below, prepare the process costing report for the Baking Department for February 20YY. Cool Chips: Baking Dept Process Costing Report for February 20YY - Weighted Average Total Percentage completed Direct materials Conversion Units Beginning WIP inventory Units started Units to account for Units completed and transferred out Ending WIP inventory Units accounted for Costs (BWIP costs + Costs Added during period) Beginning WIP inventory Costs added this month Total costs in process Cost per equivalent unit ($) Cost assignment (Costs per EU x EU) Units completed transferred out Ending WIP inventory Total costs $ Direct materials Equivalent units Conversion $