Question

Weighted Average Process Costing
Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing. All materials are added at the beginning of work on the product in the Processing Department. During November 2017, the following events occurred in the Processing Department:

Units started	17,000 units
Units completed and transferred to Finishing Department	14,500 units

Costs assigned to processing
Raw materials (one unit of raw materials for each unit of product started)	$296,200
Manufacturing supplies used	18,000
Direct labor costs incurred	103,000
Supervisors' salaries	12,000
Other production labor costs	14,000
Depreciation on equipment	6,000
Other production costs	18,000

Additional information follows:

• Minot uses weighted average costing and applies manufacturing overhead to Work-in-Process at the rate of 100 percent of direct labor cost.
• Ending inventory in the Processing Department consists of 4,500 units that are one-third converted.
• Beginning inventory contained 2,000 units, one-half converted, with a cost of $27,300 ($17,300 for materials and $10,000 for conversion).

(a) Prepare a cost of production report for the Processing Department for November.

Do not use negative signs with any of your answers.

Cost per equivalent unit in process

(Round answers two decimal places.)

Processing Department Cost of Production Report For the Month Ending November 30, 2017
Summary of units in process:
Beginning		Answer
Units started		Answer
In process		Answer
Completed		Answer
Ending		Answer
Equivalent units in process:			Materials	Conversion	Total
Units completed			Answer	Answer
Plus equivalent units in ending inventory			Answer	Answer
Equivalent units in process			Answer	Answer
Total cost to be accounted for and cost per equivalent unit in process:
Beginning work-in-process			Answer	Answer	Answer
Current costs			Answer	Answer	Answer
Total cost in process			Answer	Answer	Answer
Equivalent units in process			Answer	Answer
			Answer	Answer	Answer
Accounting for total costs:
Transferred out					Answer
Ending work-in-process:
Materials				Answer
Conversion				Answer	Answer
Total cost accounted for					Answer

(b) Prepare an analysis of all changes in Work-in-Process.

Do not use negative signs with any of your answers.

Work-in-process:		Answer
Beginning Current manufacturing costs:
Direct materials	Answer
Direct labor	Answer
Applied overhead	Answer	Answer
Total		Answer
Cost of goods manufactured		Answer
Ending		Answer

Answer 1