Mangerial accounting

Exercise 3b-2 (Based on Text E5.27 Weighted average cost: manufacturer) Note with this exercise, you must fill in the Process cost report with the information given and then work bockwards" through the report to colculate the missing amounts. If you use the template format and complere each of the four sections students will find it much easier to solve this exercise. Sheridan Textiles Ltd manufactures natural fabrics for the clothing industry. The following data relate to the Weaving Department for the month of September: There were 20000 units in process in the Weaving Department on 1 September ( 100 per cent complete as to direct material and 40 per cent complete as to conversion). Required: Calculate each of the following amounts using weighted average process costing: (a) Cost of goods completed and transferred out of the Weaving Department during September. (b) Cost of the 30 September work in process inventory in the Weaving Department