Question

Process costing system.

Bakel Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company’s first processing department for a recent month.

Work in process, beginning:

Units in process............300

Stage of completion with respect to materials..........60%

Stage of completion with respect to conversion...........60%

Cost in the beginning inventory:

Materials cost ...........$1,314

Conversion cost ..........$ 6,102

Units started into production during the month ......... 22,000

Units completed and transferred out........21,800

Costs added to production during the month:

MAterials cost..............$164,436

Conversion cost............$728,058

Work in process, ending:

Units in process.............500

Stage of completion with respect to materials ........60%

SAtage of completion with respect to conversion .........10%

Required:

Prepare a production report for the department using the weighted-average and FIFO methods  

Answer 1