Product Cost Report-Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows: Cost of beginning inventory Direct material Conversion costs Costs added in Department 1 Direct material Direct labor $443,100 447,825 Manufacturing overhead 304,695 1,195,620 Department 1 handled the following units during May: $14,700 24,885 Units in process, May 1 2,000 40,000 Units started in Department 1 Units transferred to Department 2 39,000 Units in process, May 31 3,000 On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Reston uses the weighted average method for process costing. Required Prepare the product cost report for Department 1 for May. Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Reston Manufacturing Corporation Department 1 Flow of Units and Equivalent Units Calculations, May 2016 Equivalent Units % Work Direct % Work Conversion Done Materials Done 0% Costs 0% Complete/Transferred Ending Inventory Total 0 0 0 0 0 0 Product Cost Report 0% 0% 0 0 0 Direct Conversion Materials Costs
Product Cost Report-Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows: Cost of beginning inventory Direct material Conversion costs Costs added in Department 1 Direct material Direct labor $443,100 447,825 Manufacturing overhead 304,695 1,195,620 Department 1 handled the following units during May: $14,700 24,885 Units in process, May 1 2,000 40,000 Units started in Department 1 Units transferred to Department 2 39,000 Units in process, May 31 3,000 On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Reston uses the weighted average method for process costing. Required Prepare the product cost report for Department 1 for May. Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Reston Manufacturing Corporation Department 1 Flow of Units and Equivalent Units Calculations, May 2016 Equivalent Units % Work Direct % Work Conversion Done Materials Done 0% Costs 0% Complete/Transferred Ending Inventory Total 0 0 0 0 0 0 Product Cost Report 0% 0% 0 0 0 Direct Conversion Materials Costs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Reston Manufacturing Corporation Department 1
Flow of Units and Equivalent Units Calculations, May 2016
Equivalent Units
Complete/Transferred
Ending Inventory
Total
Beginning Inventory
Current
Conversion costs
Cost of Goods Manufactured
Ending Inventory:
Direct Materials
0
0
0
Conversion costs
Cost of Ending Inventory
Total Costs Allocated
% Work
Done
0%
0%
Direct % Work Conversion
Materials Done
Costs
0
0
0
Total Costs to Account For
+ Total Equivalent Units
Average cost / Equivalent unit (round four decimal places)
Complete/ Transferred:
Direct Materials
Product Cost Report
LA
$
$
0%
0%
tA
$
LA
tA
$
tA
$
tA
$
tA
$
0 $
0
0
0
0
0
0
0
0
Direct
Materials
0
0
0
$
$
tA
0
Conversion
Costs
$
0
0 $
tA
0
0 $
0
0
0
0
0
0
Transcribed Image Text:Product Cost Report-Weighted Average Method
Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows:
Cost of beginning inventory
Direct material
Conversion costs
Costs added in Department 1
Direct material
Direct labor
$443,100
447,825
Manufacturing overhead 304,695 1,195,620
Department 1 handled the following units during May:
$14,700
24,885
Units in process, May 1
2,000
40,000
Units started in Department 1
Units transferred to Department 2 39,000
Units in process, May 31
3,000
On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Reston uses the weighted average method for process costing.
Required
Prepare the product cost report for Department 1 for May.
Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number.
Reston Manufacturing Corporation Department 1
Flow of Units and Equivalent Units Calculations, May 2016
Equivalent Units
Complete/Transferred
Ending Inventory
Total
0
0
0
% Work
Done
0%
0%
Direct % Work Conversion
Materials Done
Costs
Ooo
0
0
0
Product Cost Report
0%
0%
0
0
0
Direct
Materials
Conversion
Costs
$
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