Anchor Inc. uses the weighted-averagemethod in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
|
Work in process, beginning:
|
|
|
Units in process
|
800
|
|
Stage of completion with respect to materials
|
60%
|
|
Stage of completion with respect to conversion
|
10%
|
|
Costs in the beginning inventory:
|
|
|
Materials cost
|
$1,296
|
|
Conversion cost
|
$2,416
|
|
Units started into production during the month
|
16,000
|
|
Units completed and transferred out
|
16,500
|
|
Costs added to production during the month:
|
|
|
Materials cost
|
$47,076
|
|
Conversion cost
|
$497,213
|
|
Work in process, ending:
|
|
|
Units in process
|
300
|
|
Stage of completion with respect to materials
|
60%
|
|
Stage of completion with respect to conversion
|
70%
|
Required:
Prepare a production report for the department using the weighted-average method.