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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Production Report, Weighted Average

Washburn Inc. manufactures precision tools in two departments: molding and finishing. Washburn uses the weighted average method. Manufacturing costs are added uniformly throughout the process. The following are cost and production data for the molding department for June:

Chapter 6, Problem 36BEB, Production Report, Weighted Average Washburn Inc. manufactures precision tools in two departments:

Required:

Prepare a production report for the molding department.

To determine

Prepare production report of Company WI.

Explanation

Production Report:

The document comprises all the activities of process department related to manufacturing which occurs; in a particular period of time is called production report. It helps to identify the efficiency of process department.

Prepare production report of company WI as shown below:

Company WI
Molding Department
Production Report for June Month
Weighted Average Method

Unit Information

Physical Flow:
Units to accounted for:UnitsUnits to accounted for:Units
Units in beginning work in process15,000Units completed102,000
Units started117,000Units in ending work in process30,000
Total units to account for132,000Total units accounted for132,000
  
Equivalent Units 
Units completed102,000
Units in ending work in process18,000
Total equivalent units120,000
 
Cost Information
Costs to account for:(In $)
Beginning work in process180,000
Incurred during the period3,420,000
Total costs to account for3,600,000
Cost per equivalent unit$30...

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