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Problem D A bottling company bottles soft drinks using a process cost system. Following are cost...

Problem D A bottling company bottles soft drinks using a process cost system. Following are cost and production data for the mixing department for June:

                Work in Process, June 1: 56,000 units (65% complete for materials, 80% complete for conversion)

                     Direct material cost $11,620

                     Conversion cost $16,240

                Added during June: 133,000 units

                    Direct material cost $29,960

                     Conversion cost $41,720

                Work in Process, June 30: 63,000 units

                                (100% complete for materials, 30% complete for conversion)

Prepare a production cost report for the month ended June 30 using the weighted average method.   Provide the journal entry to record transferring completed units to finished goods.

Critical Thinking: Explain why we use equivalent units in Process Costing.

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