Question: Western Inc. uses a process costing system. The following data concern the operations of the company's first processing department for a recent month: Beginning WIP:

Western Inc. uses a process costing system. The following data concern the operations of the company's first processing department for a recent month:

Beginning WIP:

Units in process

4,500

Stage of completion with respect to materials

80%

Stage of completion with respect to conversion

60%

Costs in beginning WIP:

Materials cost

$16,920

Conversion cost

$106,920

Units during the month:

Units started into production during the month

21,000

Units completed and transferred out

18,400

Costs added to production during the month:

Materials cost

$93,645

Conversion cost

$825,531

Ending WIP:

Stage of completion with respect to materials

70%

Stage of completion with respect to conversion

50%

Required:

1) Prepare a production report for the department using the Weighted Average method.

2) Prepare a production report for the department using the FIFO method.

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