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

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:

Step by Step Solution

★★★★★

3.35 Rating (155 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate the production cost for April using the weighted average method we need to calculate the equivalent units of production for direct materi... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Green Toys, a toy manufacturer in Cairo, Egypt, has the following master production plan: Lead time = 1 week; setup costs = E2,000; holding cost = E5 per unit per week; stockout cost = E10 per unit...

For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility). 1....

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Ynugai Corp. uses a process costing system to assign costs to its steel production. During March 2010, Ynugai had beginning Work in Process Inventory of 180,000 tons of steel (100 percent complete as...

Beginning inventory, purchases, and sales data for cellphones are as follows: a. Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of goods sold for...

Transferred-in costs, weighted average method (related to 17-30 to 17-32). Larsen Company, as you know, is a manufacturer of car seats. Each car seat passes through the Assembly Department and...

Fresh Seasons is a contract manufacturer for Delectable Dressing Company. Fresh Seasons uses a weighted average process costing system to account for its salad dressing production. All ingredients...

Bohemian Links Inc. produces sausages in three production departmentsMixing, Casing and curing, and Packaging. In the Mixing Department, meats are prepared and ground and then mixed with spices. The...

The inventory of Wood4Fun and data on purchases and sales for a two-month period follow. The company closes its books at the end of each month. It uses the periodic inventory system. Required 1....

DiPaolos inventory, purchases, and sales for March and April follow. The company closes its books at the end of each month. It uses the periodic inventory system. Required 1. Compute the cost of the...

Expatriate mentoring programs are the key practice designed to increase knowledge transfer among employees globally. Many mentoring relationships these days taking place in an international context...

Adens Corporation's relevant range of activity is 2,000 units to 6,000 units. When it produces and sells 4,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials...

Write a Python program to check an input number is prime or not.

Write a Python program that accepts a sentence and calculates the number of digits, uppercase, and lowercase letters.

Write a program to check an input year is leap or not.

Write short notes on departmentation.

Question 2: (10 Marks, Word Limit: 400-600) Analyze the following e-mail and explain the areas of improvement. Also suggest changes that could make the e-mail asking a vendor to meet you, more...

How many years will it take a $700 balance to grow into $900 in an account earning 5%?

Porter Ltd began operation on 1 January, and achieved the following results for the year: Sales .................................................36 000 units Selling price...

Sandra Smith is the financial controller of Fluffy Clouds, which is a manufacturer of baby clothes. The company is considering implementing an activity-based budgeting system and Sandra has asked for...

Crunch-Time Cereal Company manufactures two breakfast cereals in a joint process. Cost and quantity information follows: Required: Use the following methods to allocate the company's joint production...

Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6789 and 111-11-1112, respectively. Alice's birthday is September 21, 1968, and...

Paolo and Isadora Shaw are married, file a joint tax return, and have one dependent child, Dante. The Shaws report modified AGI of $148,000. The couple paid $12,000 of tuition and $10,000 for room...

Forrester owns a nonrental business with two separate departments. Department A generates net income of $70,000, and Department B generates a net loss of $58,000. Forrester participates 800 hours in...