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 $9,800 Conversion costs 16,590 Costs added in Department 1: Direct material $295,400 Direct labor 298,550 Manufacturing overhead 203,130 797,080 Department 1 handled the following units during May: Units in process, May 1, 2016 2,000 Units started in Department 1 40,000 Units transferred to Department 2 39,000 Units in process, May 31, 2016 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 Done Direct Materials % Work Done Conversion Costs Complete/Transferred Answer Answer Answer Answer Answer Ending Inventory Answer Answer Answer Answer Answer Total Answer Answer Answer Product Cost Report Direct Materials Conversion Costs Beginning Inventory Answer Answer Answer Current Answer Answer Answer Total Costs to Account For Answer Answer Answer ÷ Total Equivalent Units Answer Answer Average cost / Equivalent unit (round 4 decimal places) Answer Answer Complete / Transferred: Direct Materials Answer Conversion costs Answer Cost of Goods Manufactured Answer Ending Inventory: Direct Materials Answer Conversion costs Answer Cost of Ending Inventory Answer Total Costs Allocated Answer

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 $9,800 Conversion costs 16,590 Costs added in Department 1: Direct material $295,400 Direct labor 298,550 Manufacturing overhead 203,130 797,080 Department 1 handled the following units during May: Units in process, May 1, 2016 2,000 Units started in Department 1 40,000 Units transferred to Department 2 39,000 Units in process, May 31, 2016 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 Done Direct Materials % Work Done Conversion Costs Complete/Transferred Answer Answer Answer Answer Answer Ending Inventory Answer Answer Answer Answer Answer Total Answer Answer Answer Product Cost Report Direct Materials Conversion Costs Beginning Inventory Answer Answer Answer Current Answer Answer Answer Total Costs to Account For Answer Answer Answer ÷ Total Equivalent Units Answer Answer Average cost / Equivalent unit (round 4 decimal places) Answer Answer Complete / Transferred: Direct Materials Answer Conversion costs Answer Cost of Goods Manufactured Answer Ending Inventory: Direct Materials Answer Conversion costs Answer Cost of Ending Inventory Answer Total Costs Allocated Answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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		$9,800
Conversion costs		16,590
Costs added in Department 1:
Direct material	$295,400
Direct labor	298,550
Manufacturing overhead	203,130	797,080

Department 1 handled the following units during May:

Units in process, May 1, 2016	2,000
Units started in Department 1	40,000
Units transferred to Department 2	39,000
Units in process, May 31, 2016	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 Done	Direct Materials	% Work Done	Conversion Costs
Complete/Transferred	Answer	Answer	Answer	Answer	Answer
Ending Inventory	Answer	Answer	Answer	Answer	Answer
Total	Answer		Answer		Answer

Product Cost Report
	Direct Materials	Conversion Costs
Beginning Inventory	Answer	Answer	Answer
Current	Answer	Answer	Answer
Total Costs to Account For	Answer	Answer	Answer
÷ Total Equivalent Units		Answer	Answer
Average cost / Equivalent unit (round 4 decimal places)		Answer	Answer
Complete / Transferred:
Direct Materials	Answer
Conversion costs	Answer
Cost of Goods Manufactured	Answer
Ending Inventory:
Direct Materials	Answer
Conversion costs	Answer
Cost of Ending Inventory	Answer
Total Costs Allocated	Answer

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