Venuchi Cleaner Company uses a weighted-average process cost system and manufactures a single product—an all-purpose liquid cleaner. The manufacturing activity for the month of March has just been completed. A partially completed production cost report for the month of March for the mixing and blending department is shown below.
VENUCHI CLEANER COMPANY Mixing and Blending Department Production Cost Report For the Month Ended March 31 Equivalent Units Physical Conversion Quantities Units Materials Costs Units to be accounted for Work in process, March 1 10,000 Started into production 76,000 Total units 86,000 Units accounted for Transferred out 66,000 ? ?
Work in process, March 31 (60% materials, 20%
conversion costs) 20,000 ? ?
Total units 86,000 ? ?
Costs Conversion Unit costs Materials Costs Total Total cost $156,000 $98,000 $254,000 Equivalent units ? ?
Unit costs $ ? 1 $ ? 5 $ ?
Costs to be accounted for Work in process, March 1 $ 8,700 Started into production 245,300 Total costs $254,000 Cost Reconciliation Schedule Materials Costs Total Costs accounted for Transferred out $ ?
Work in process, March 31 Materials ?
Conversion costs $ ? ?
Total costs $ ?
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 March unit costs.

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