Glass Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data for the company for the current month are as follows.
|
Production |
Units |
|
In process, beginning of month (20% converted) |
2,000 |
|
Started during current month |
8,000 |
|
Completed and transferred to finished goods |
5,500 |
|
In process, end of month (60% converted) |
4,500 |
|
Manufacturing Costs |
|
|
Work in process, beginning |
|
|
-Materials |
15,000 |
|
-Conversion |
6,450 |
|
Production Costs Added |
|
|
Materials |
54,000 |
|
Direct labor cost |
105,000 |
|
Factory overhead |
36,150 |
Required:
Prepare a cost of production report for current month. Use Weighted-Average process costing.