Question: Lily Processing Company uses a weighted average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The

 Lily Processing Company uses a weighted average process cost system and
manufactures a single product-an industrial carpet shampoo and cleaner used by many
universities. The manufacturing activity for the month of October has just been
completed. A partially completed production cost report for the month of October

Lily Processing Company uses a weighted average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the Mixing and Cooking department is as follows. Prepare a schedule that shows how the equivalent units were computed so that you can complete the quantities: Units accounted for equivalent units section shown in the production cost report and compute October unit costs. (Round unit costs to 2 decimal places, es, 2.25 and other answers to decimal places, s. 125.) LILY PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Conversion Materials Costs Physical Units Quantities Units to be accounted for Work in process, October 1 Trimiterials 20,600 20,600 October 1 (all materials 70% conversion costs) Started into production Total units 154,500 175,100 123,600 Units accounted for Transferred out Work in process, October 31 (60% materials, 4096 conversion costs) Total units accounted for 51,500 175,100 Conversion Costs Materials Total Costs Unit costs TOEST Units accounted for 175.100 Materials Conversion Costs Total $247,200 Costs Unit costs Total Costs Equivalent units Unit costs $108,150 $355,350 Costs to be accounted for Work in process October 1 Started into production Total costs $30.900 324,450 $355,350 Complete the "Cost Reconciliation Schedule" part of the production cost report. Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, October 31 Materials $ $ Conversion costs Total costs $

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