Taylor Processing Company uses a weighted-average process costing system and manufactures a single product-a premium rug shampoo and cleaner. The manufacturing activity for the month of October has just been completed. A partially completed pro- duction cost report for the month of October for the Mixing and Cooking Department is shown below.

Instructions

(a) Prepare a schedule that shows how the equivalent units were computed so that you can complete the "Quantities: Units accounted for" equivalent units section shown in the production cost report above, and compute October unit costs.

(b) Complete the "Cost Reconciliation Schedule" part of the production cost report above.

Transcribed Image Text:

TAYLOR PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 QUANTITIES Units to be accounted for Work in process, October 1 (all materials, 70% conversion costs) Equivalent Units Physical Units Conversion Materials Costs 20,000 Started into production 160,000 Total units 180,000 Units accounted for Transferred out 140,000 Work in process, October 31 (50% materials, 25% conversion costs) Total units accounted for 40,000 180,000 |--