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 Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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