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.)

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 4P: Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2....

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Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory. Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP 72,000 882,000 775,000 179,000 $ 558,090 84,660 3,734,910 1,608,540 Direct Materials Percent Complete 100% 3. Assign costs to the department's output-specifically, to the units…
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