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We discuss how to prepare the process costing production report
using the weighted-average method. In addition, we discuss that a
production report is a summary of what occurs in the production
process, and includes information about the number of physical
units, number of equivalent units, cost per equivalent unit, and a
reconciliation of the cost of Work in Process Inventory.

 

 

Knowledge Check 01
Paula's Fab Tee Company, which prints T-shirts, has three processing
departments (printing, labeling, and packaging). The total cost per equivalent
unit was $17.80 for the printing department, $0.80 for the labeling department,
and $0.40 for the packaging department. The total cost of the 1,450 units that
were transferred out of the Work in Process Inventory (Packaging) account to
the Finished Goods Inventory account was:

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