Process costing system: Use weighted average method to report production cost for April (must show calculations or
Question:
Process costing system: Use weighted average method to report production cost for April (must show calculations or not credit; round unit costs to 3 decimal places)
April 1 start inventory/WIP 800 pcs
Pieces started during April: 10,000 pieces
April 30, ending inventory/1,800 Work In Progress
Completion rates: April 1 direct materials: 75%; conversion costs: 40%
April 30 direct materials: 30%; conversion costs: 20%
Work in Progress account cost information:
Initial inventory – direct materials $22,000
Initial inventory – conversion cost 35,000
Direct materials used in April 50,000
April conversion cost 93,000
ACCOUNT BALANCE (total) $200,000
PRODUCTION COST REPORT:
Management Accounting
ISBN: 9781760421144
7th Edition
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton