Venuchi Cleaner Company uses a weighted-average process costing 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.

(b) Prepare a production cost report for the month of May for the bicycles.

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.

Transcribed Image Text:

VENUCHI CLEANER COMPANY Mixing and Blending Department Production Cost Report For the Month Ended March 31 Equivalent Units Physical QUANTITIES Units Materials 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 Unit costs Costs in March Equivalent units Unit costs Costs to be accounted for Work in process, March 1 Started into production Total costs COST RECONCILIATION SCHEDULE Costs accounted for Transferred out Work in process, March 31 Materials Conversion costs Total costs Conversion Costs Conversion Materials Costs Total $156,000 $98,000 $254,000 ? ? $ ? + $ 2 = $ ? $ 8,700 245,300 $254,000 $ ? ? H