1. Texas Texturizing is a texturizer of polyester yarn. On June 1, 19A, an inventory of 10,000
pounds was complete as to materials, but only three quarters complete as to conversion. During
the period, 160,000 pounds were completed. The inventory at the end of the period consisted
of 40,000 pounds that were complete as to materials but only one quarter complete as to
conversion. Costs for materials and conversion are as follows:
|
Materials |
Conversion |
Total |
|
|
Work in process, beginning |
$ 10,000 |
$ 5,000 |
$ 15,000 |
|
Current costs |
140,000 |
76,600 |
216,600 |
Prepare a cost of production report for Texas Texturizing using the weighted average method.