PROBLEM Preparing a Production Report: Weighted Average Cost Method [LO4 - CC12, 13, 14] CHECK FIGURE Cost per EU, Materials; $9.846 Callisto Company manufactures chemical additives for industrial applications. As the new cost accountant for Callisto, you have been assigned the task of completing the production cost report for the most recent period. Callisto uses the weighted average cost method of process costing. The following information pertains to the most recent period: Beginning WIP inventory Units started into production this period Units completed and transferred out Ending WIP inventory Costs in beginning inventory Current-period costs 16,000 units (75% complete as to materials; 70% complete as to conversion costs) 27,000 units 33,000 units 10,000 units (60% complete as to materials; 50% complete as to conversion costs) $132,000 materials; $164,000 conversion costs $252,000 materials; $440,000 conversion costs Required: Prepare a complete production report for the period using the weighted average cost method. (Round the cost per equivalent unit to three decimal places; round the costs in the cost report to the nearest dollar.)
PROBLEM Preparing a Production Report: Weighted Average Cost Method [LO4 - CC12, 13, 14] CHECK FIGURE Cost per EU, Materials; $9.846 Callisto Company manufactures chemical additives for industrial applications. As the new cost accountant for Callisto, you have been assigned the task of completing the production cost report for the most recent period. Callisto uses the weighted average cost method of process costing. The following information pertains to the most recent period: Beginning WIP inventory Units started into production this period Units completed and transferred out Ending WIP inventory Costs in beginning inventory Current-period costs 16,000 units (75% complete as to materials; 70% complete as to conversion costs) 27,000 units 33,000 units 10,000 units (60% complete as to materials; 50% complete as to conversion costs) $132,000 materials; $164,000 conversion costs $252,000 materials; $440,000 conversion costs Required: Prepare a complete production report for the period using the weighted average cost method. (Round the cost per equivalent unit to three decimal places; round the costs in the cost report to the nearest dollar.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![PROBLEM
Preparing a Production Report: Weighted Average Cost Method [LO4 - CC12, 13, 14]
CHECK FIGURE
Cost per EU, Materials; $9.846
Callisto Company manufactures chemical additives for industrial applications. As the new cost accountant for Callisto, you have been assigned the task of completing the production cost report for the
most recent period. Callisto uses the weighted average cost method of process costing. The following information pertains to the most recent period:
Beginning WIP inventory
Units started into production this period
Units completed and transferred out
Ending WIP inventory
Costs in beginning inventory
Current-period costs
16,000 units (75% complete as to materials; 70% complete as to conversion costs)
27,000 units
33,000 units
10,000 units (60% complete as to materials; 50% complete as to conversion costs)
$132,000 materials; $164,000 conversion costs
$252,000 materials; $440,000 conversion costs
Required:
Prepare a complete production report for the period using the weighted average cost method. (Round the cost per equivalent unit to three decimal places; round the costs in the cost report to the nearest
dollar.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48a1863a-3ce8-4209-8b7a-3814f3f8598f%2Ff8ffe02f-ed6d-49e0-b3fc-44daf5deaaa0%2Fwvy3zg5_processed.png&w=3840&q=75)
Transcribed Image Text:PROBLEM
Preparing a Production Report: Weighted Average Cost Method [LO4 - CC12, 13, 14]
CHECK FIGURE
Cost per EU, Materials; $9.846
Callisto Company manufactures chemical additives for industrial applications. As the new cost accountant for Callisto, you have been assigned the task of completing the production cost report for the
most recent period. Callisto uses the weighted average cost method of process costing. The following information pertains to the most recent period:
Beginning WIP inventory
Units started into production this period
Units completed and transferred out
Ending WIP inventory
Costs in beginning inventory
Current-period costs
16,000 units (75% complete as to materials; 70% complete as to conversion costs)
27,000 units
33,000 units
10,000 units (60% complete as to materials; 50% complete as to conversion costs)
$132,000 materials; $164,000 conversion costs
$252,000 materials; $440,000 conversion costs
Required:
Prepare a complete production report for the period using the weighted average cost method. (Round the cost per equivalent unit to three decimal places; round the costs in the cost report to the nearest
dollar.)
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