Clarke Manufacturing produces denim jeans in two departments, cutting and finishing. In the cutting department,...
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Accounting
Clarke Manufacturing produces denim jeans in two departments, cutting and finishing. In the cutting department, the materials are added at the beginning of the process and conversion costs are added uniformly during the process. In the finishing department, materials are added once the jeans have passed through the mid-way point of the process and conversion costs are added uniformly throughout the process.
The following are costs relating to the finishing department for the month of May: Work-in-Process, May 1, 20XX (2,000 units, 80% complete):
Materials 12000
Conversion costs 5750
Transferred-in Costs 56000
Costs added during May (12,000 units):
Materials 72000
Conversion costs 37850
Transferred-in costs 334550
Work-in-Process, May 31, 20XX 3000 units, 30% completed
The company uses the weighted-average method of process costing. Prepare a complete production report comprising the five steps of process costing. (Calculate per unit costs to four decimal places)
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