Question

Pet Products Company uses an automated process to manufacture its pet replica products. For June, the company had the following activities: Beginning work in process inventory?4,500 items, 1/4 complete Units placed in production?15,000 units Units completed?17,500 units Ending work in process inventory?2,000 items, 3/4 complete ? Cost of beginning work in process?$5,250 Direct material costs, current?$16,500 Conversion costs, current?$23,945 Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. Required: Prepare a production cost worksheet using the weighted average method.

Homework Answers

Answer #1

Paticulars Amount ($)

Direct material consumed 16500

Conversion Cost 23945

Prime Cost 40445

Add:- Opening Stock of WIP (Given) 4500 units 5250

Less;- Closing Stock of WIP (W.N.1) 2000 Units (4656)

cost of Finished quantities 17500 units 41039

So codt of per unit of finished product is (41039/17500) 2.35/ unit

* Their might be rounding off difference in answer

W.N.1 value of Closing stock - Weighted Average Method

2000 units

Material cost (16500/15000)*2000- 2200

Conversion cost (23945/19500)*2000- 2456

Value of closing inventory = 4656

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Surf Products Company uses an automated process to clean and polish its souvenir items. For March,...
Surf Products Company uses an automated process to clean and polish its souvenir items. For March, the company had the following activities: Beginning work in process inventory 3,000 items, 1/3 complete Units placed in production 12,000 units Units completed 9,000 units Ending work in process inventory 6,000 items, 1/2 complete Cost of beginning work in process $2,500, 60 % direct materials Direct material costs, current $9,000 Conversion costs, current $7,700 Direct materials are placed into production at the beginning of...
The Daltry Company manufactures a single product on a highly automated assembly line. Its costing system...
The Daltry Company manufactures a single product on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Direct materials are added at the end of the production process. Conversion costs are allocated evenly throughout production. The company uses weighted-average process costing. Data for the Assembly Department for April are:       Work in process, beginning inventory                      400 units             Conversion costs (30% complete)       Units started during April                                      1,200 units       Work in...
Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost​...
Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost​ categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Timekeeper Inc. uses weighted-average costing. Data for the Assembly Department for June 2017 are​:       Work in​ process, beginning inventory 360 units            Direct materials​ (100% complete)            Conversion costs ​(55​%...
Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost​...
Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost​ categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Timekeeper Inc. uses​ weighted-average costing. Data for the Assembly Department for June 2017 are​: Work in​ process, beginning inventory 310 units Direct materials​ (100% complete) Conversion costs​ (50%...
The Weiss Tractor Company manufactures small garden tractors on a highly automated assembly line. Its costing...
The Weiss Tractor Company manufactures small garden tractors on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each tractor must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Townsend Tractor uses weighted-average costing. Data for the Assembly for April 2008 are : Work in process, beginning inventory 400 units Direct materials (100%...
The Townsend Tractor Company manufactures small garden tractors on a highly automated assembly line. Its costing...
The Townsend Tractor Company manufactures small garden tractors on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each tractor must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Townsend Tractor uses weighted-average costing. Data for the Assembly Department for April 20X8 are: Work in process, beginning inventory 400 units Direct materials (100%...
The Daltry Company manufactures a single product on a highly automated assembly line. Its costing system...
The Daltry Company manufactures a single product on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Direct materials are added at the end of the production process. Conversion costs are allocated evenly throughout production. The company uses weighted-average process costing. Data for the Assembly Department for April are: Work in process, beginning inventory 400 units Conversion costs (30% complete) Units started during April 1,200 units Work in process, ending inventory: 250...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 795,000 units of product to finished goods. At the end of November, the work in process inventory consists of 186,000 units that are 40% complete with respect to conversion. Beginning inventory had $510,120 of direct materials and $65,205 of conversion cost. The direct material cost...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 810,000 units of product to finished goods. At the end of November, the work in process inventory consists of 197,000 units that are 90% complete with respect to conversion. Beginning inventory had $392,730 of direct materials and $123,413 of conversion cost. The direct material cost...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 755,000 units of product to finished goods. At the end of November, the work in process inventory consists of 199,000 units that are 50% complete with respect to conversion. Beginning inventory had $558,090 of direct materials and $128,175 of conversion cost. The direct material cost...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT