Question: Show me the steps to solve WeIgnted Average Process Costing Assume that JIF, which is part of The J . M . Smucker Company, processes
Show me the steps to solve WeIgnted Average Process Costing
Assume that JIF, which is part of The JM Smucker Company, processes its only product, ounce jars of peanut butter, in a single process and uses weighted average process costing to account for inventory costs. All materials are added at the beginning of production. Assume the following inventory, production, and cost data are provided for September:
tableProduction data,Beginning inventory convertedunitsUnits started,unitsEnding inventory convertedunits
tableManufacturing costsBeginning inventory in process,Materials cost$Conversion costRaw materials cost added at beginning of process,Direct labor cost incurred,Manufacturing overhead applied,
Required
a Prepare a cost of production report for September.
Note: Do not use a negative sign with any of your answers.
tableJIF PEANUT BUTTERCost of Production Report For the Month of SeptemberSummary of units in process:,,,BeginningUnits started,In process,CompletedEndingMaterials,Conversion,TotalEquivalent units in process:,,,Units completed,Equivalent units in ending inventory,Equivalent units in process,Total cost to be accounted for and cost per equivalent unit in process:,,,Beginning workinprocess,$ $ $ Current costTotal cost in process,$ $ $ Equivalent units in process,Cost per equivalent unit in process,$ $ $ Accounting for total costs:,,,Transferred out,,,$ Ending workinprocess:,,,Materials$ConversionTotal cost accounted for,,,$
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