Weighted Average Process Costing Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing. All materials are added at the beginning of work on the product in the Processing Department. During December, the following events occurred in the Processing Department 16.000 units Units started Units completed and transferred to Finishing Department 15,000 units Costs assigned to processing: Raw materials (one unit of raw materials for each unit of product started) $142,900 Manufacturing supplies used 18,000 51,000 Direct labor costs incurred Supervisors' salaries 12,000 14,000 6,000 18,000 Other production labor costs Depreciation on equipment Other production costs Additional information follows: Minot uses weighted average costing and applies manufacturing overhead to Work-in-Process at the rate of 100 percent of direct labor cost. Ending inventory in the Processing Department consists of 3.000 units that are one-third converted. Beginning inventory contained 2,000 units, one-half converted, with a cost of $35.900 ($22,700 for materials and $13.200 for conversion). Cost of Production Report Work-in-Process Analysis (a) Prepare a cost of production report for the Processing Department for December. Do not use negative signs with any of your answers. Round Cost per equivalent unit in process to two decimal places, if needed. Summary of units in process: Beginning Units started In process Completed Ending Equivalent units in process: Units completed Plus equivalent units in ending inventory Equivalent units in process Total cost to be accounted for and cost per equivalent unit in process: Beginning work-in-process Current costs Minot Processing Company: Processing Department Cost of Production Report For the Month Ending December 31 Total cost in process Equivalent units in process Cost per equivalent unit in process Accounting for total costs: Transferred out Ending work-in-process: Materials Conversion Total cost accounted for 0 0 0 0 0 $ $ $ Materials 0 0 0 T 05 0 05 0+ 05 $ Conversion 0 0 0 05 0 05 0 05 0 0 $ $ Total 0 0 0 0 0 0 0