Product Cost Report-Weighted Average Method ing Corporation produces a cosmetic product in three consecutive processes. The...

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Product Cost Report-Weighted Average Method ing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May were as follows: Res Page 7 Co entory Direct material Conversion costs Costs added in Department 1 $19,600 33,180 Direct material Direct labor $590.800 597,100 Manufacturing overhead 406,260 1,594,160 Department 1 handled the following units during May: Units in process, May 1 Units started in Department 1 2,000 40,000 Units transferred to Department 2 39,000 Units in process, May 31 3,000 On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Reston uses the weighted average method for process costing. Required Prepare the product cost report for Department 1 for May. Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Reston Manufacturing Corporation Department 1 Flow of Units and Equivalent Units Calculations, May Complete/Transferred Ending Inventory Total Beginning Inventory Current Total Costs to Account For +Total Equivalent Units Equivalent Units % Work Done Direct Materials % Work Done Conversion Costs Product Cost Report Direct Materials Conversion Costs $ Average cost/Equivalent unit (round four decimal places) $ $ $ Complete / Transferred: Direct Materials $ Conversion costs Cost of Goods Manufactured $ Ending Inventory: Direct Materials $ Conversion costs Cost of Ending Inventory $ Total Costs Allocated $ Check $ $ Product Cost Report-Weighted Average Method ing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May were as follows: Res Page 7 Co entory Direct material Conversion costs Costs added in Department 1 $19,600 33,180 Direct material Direct labor $590.800 597,100 Manufacturing overhead 406,260 1,594,160 Department 1 handled the following units during May: Units in process, May 1 Units started in Department 1 2,000 40,000 Units transferred to Department 2 39,000 Units in process, May 31 3,000 On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Reston uses the weighted average method for process costing. Required Prepare the product cost report for Department 1 for May. Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Reston Manufacturing Corporation Department 1 Flow of Units and Equivalent Units Calculations, May Complete/Transferred Ending Inventory Total Beginning Inventory Current Total Costs to Account For +Total Equivalent Units Equivalent Units % Work Done Direct Materials % Work Done Conversion Costs Product Cost Report Direct Materials Conversion Costs $ Average cost/Equivalent unit (round four decimal places) $ $ $ Complete / Transferred: Direct Materials $ Conversion costs Cost of Goods Manufactured $ Ending Inventory: Direct Materials $ Conversion costs Cost of Ending Inventory $ Total Costs Allocated $ Check $ $