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.