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The following data appeared in the accounting records of Craig Manufacturing Inc., which uses the weighted average cost method:
Case 1—All materials are added at the beginning of the process, and labor and factory overhead are added evenly throughout the process.
Case 2—One-half of the materials are added at the start of the manufacturing process, and the balance of the materials is added when the units are one-half completed. Labor and factory overhead are applied evenly during the process.
Make the following computations for each case:
- a. Unit cost of materials, labor, and factory overhead for the month
- b. Cost of the units finished and transferred during the month
- c. Cost of the units in process at the end of the month
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