Refer to the information presented in Exercise 6.32.
Information Presented in Exercise 6.23
Felix and Sons is a toy maker that produces Flying Fling bats, a soft foam rubber weapon. All direct materials are added at the beginning of production, and conversion costs are incurred evenly throughout production. Conversion was 75% complete for the 8,000 units in WIP on December 1 and 50% complete for the 6,000 units in WIP on December 31. During the month, 12,000 Fling bats were completed and transferred out as finished goods. Following is a summary of the costs for the period:
...................................Direct Materials..................... Conversion Costs
Work in process, December 1.......... $19,200................................. $ 7,200
Costs added in December ..................31,200 .................................21,600
REQUIRED
Prepare a process cost report under the weighted average method.