1 2 Name: lan Gentry Your score: 26% lan Gentry Company uses the weighted average method of process costing. It had 50,000 units in beginning inventory, which were 65% complete as to materials and 70% complete as to conversion. During the month, it started 95,000 units. At the end of the month, 40,000 units were in inventory, which were 70% complete as to 3 materials and 65% complete as to conversion. Cost information is as follows: 4 9 10 Beginning work in process inventory: 11 12 13 Total beginning inventory cost 14 15 16 Direct materials costs Conversion costs Costs added during the month: Direct materials costs Conversion costs 17 Total costs added during the month 18 Total production costs 19 20 21 Beginning Inventory 22 Units Started 23 Ending Inventory $128,375 218,750 $347,125 403,625 593,450 997,075 $1,344,200 Units Materials % Conversion % 50,000 65% 70% 95,000 40,000 70% 65% 24 25 26 27 Equivalent Units of Production Direct materials Conversion 28 29 Equivalent units completed and transferred out Equivalent units for ending work in process 28,000 26,000 30 Total equivalent units of production 31 Cost per Equivalent Unit of Production Direct materials Conversion 32 Costs of beginning work in process inventory 33 Costs added during month $128,375 403,625 $218,750 593,450 34 Total costs 35 36 Equivalent Units of Production 37 Cost per equivalent unit of production 38 39 Assign and reconcile costs 40 41 Cost of units completed and transferred out Direct materials 42 Conversion 43 Total cost of units completed this period 44 45 Cost of units in ending inventory 46 47 Direct materials Conversion 48 Total cost of units completed this period 49 50 Total costs accounted for 51 52 53