I need assistance with the layout and calculating the 5 steps of process costing using the weighted average method.
The details are as follows:
Production occurs in three departments- spinning, molding and testing. Materials and conversion costs are added throughout all three processes. The table represents units and cost flows:
Testing department- materials conversion
Beg. units 1,200,000..................75% (material)............55% (conv.)
started 5,000,000
total to acct. 6,200,000
Transfer to F.G. 5,800,000
Ending units 400,000.................. 80% (material).........65% (conv.)
Testing department
beg. Inv. ........................................$248,000 (material)......$80,000 (conv) $328,000 (total)
Added in month................................$2,320,000 (mat.)........580,000 (conv,) $2,900,000 (total)