Problem B Problem B A bottling company bottles soft drinks using a process cost system. Following are cost and production data for the mixing department for June: Work in Process, June 1: 65,000 units (85% complete for materials, 70% complete for conversion) Direct material cost $23,020 Conversion cost $33,040 Units and costs added during June: 133,000 units Direct material cost $53,700 Conversion cost $81,690 Units completed and transferred to finished goods during June: 136,000 units Work in Process, June 30 (90% complete for materials, 45% complete for conversion) Required: 1. Prepare a production cost report for the month ended June 30 using the weighted average method. Round costs to the nearest cent, if necessary. 2. Provide the journal entry to record transferring completed units to finished goods. 3 Bottling Company Process Cost Summary For Month Ended June 30 Hint2 Costs Charged to Production Costs of beginning work in process $0 Costs incurred this period Total costs to account for Unit Cost Information Physical Flow of Units Hinta Sell check Equivalent Units of Production (EUP) DM Conv 100% Total Equivalent units of production Self check Cost per Equiv Unit of Production DM Conv $0.00 $0.00 Cost Assignment and Reconciliation Costs transferred out (cost of goods manufactured) Hint? Costs of ending work in process $0.00 Hent2 Total cost of ending work in process Total costs accounted for $0.00 Journal Entry: Enter journal entry to record moving goods from Work in Process to Finished Goods (also Cost of Goods Manufactured) Hinta Debit Credit Critical Thinking (Analysis): Explain why we use equivalent units in Process Costing. 8 -9