In: Accounting
Question 1-Process Costing (Weighted-Average Method): Partners in Crime Paint Company uses the weighted-average method to account for costs of production in its process costing system. Partners in Crime manufactures its base paint in two separate departments: Mixing and Packaging. The following information is for the Mixing Department (the first production department in its production process) for the month of March:
Units (gallons) |
Percent Complete with |
Percent Complete with |
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Beginning work in process inventory |
35,000 |
100% |
75% |
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Units started during March |
97,000 |
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Units completed and transferred to the Packaging Department during March |
80,000 |
100% |
100% |
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Ending work in process inventory |
52,000 |
80% |
60% |
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The accounting records for the Mixing Department indicate the following additional information:
PART A – Calculations for the Mixing Department (use the Weighted-Average Method):