End. Work in Process Inv. % Complete as to Beg. Work Units Completed in Process Month Inv. and Transferred Out Units Conversion Cost March 2,820 39,480 11,280 75% Compute equivalent units of production for March for both materials and conversion costs using the weighted-average method of process costing. Materials are entered at the beginning of the process. Quantities Units to be accounted for Work in process inventory, 3/1 Started into production Total units to be accounted for Equivalent Units of Production Physical Units Materials Conversion Costs

Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory

2

< ebook Equivalent Units and Related Costs; Cost of Production Report: Weighted Average Cost Method Joshua Flour Company manufactures flour by a series of three processes, beginning in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process-Sifting Department was as follows on March 1: Work in Process-Sifting Department (3,200 units, 75% completed) $3,500 The following costs were charged to Work in Process-Sifting Department during March: Direct materials transferred from Milling Department: 14,500 units $51,400 Direct labor 13,325 Factory overhead. 5,125 During March, 14,900 units of flour were completed. The balance of Work in Process-Sifting Department on March 31 was 2,800 units, 50% completed. Required: Prepare a cost of production report for the Sifting Department for March, using the weighted average cost method. Joshua Flour Company Cost…