Jwell Manufacturing Company (JMC) makes promotional flags and used a process-costing system (weighted average method)....
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Accounting
Jwell Manufacturing Company (JMC) makes promotional flags and used a process-costing system (weighted average method).
| The following information relates to JMC: Weighted Average Method | |||||
| Physical Units | Direct Material | Conv Costs | |||
| WIP , Beginning | 5,000 | 25,000 | 17,500 | ||
| Started during period | 12,000 | ||||
| Good units comp/transferred | 12,500 | ||||
| Normal spoilage | 200 | ||||
| Abnormal spoilage | 100 | ||||
| WIP, Ending | 4,200 | ||||
| Total costs added in period | 21,800 | 27,500 | |||
| Completion: | |||||
| WIP (Begin): DM 80%, CC 50% | |||||
| WIP (Ending): DM 80%, CC 30%
Required: 1. Prepare a Cost of Production Report that includes the calculation of equivalent units, the cost per equivalent units, a summary of costs to account for and the cost of units transferred and the cost of the units in ending work in process. | |||||
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