Question
1. Callisto Company manufactures chemical additives for industrial applications. As the new cost accountant for Callisto, you have been assigned the task of completing the
1. Callisto Company manufactures chemical additives for industrial applications. As the new cost accountant for Callisto, you have been assigned the task of completing the production cost report for the most recent period. Callisto uses the weighted average cost method of process costing. The following information pertains to the most recent period: Beginning WIP inventory 16,000 units (75% complete to materials; 70% complete to conversion costs) Units started into production this period 27,000 units Units completed and transferred out 33,000 units Ending WIP inventory 10,000 units (60% complete to materials; 50% complete to conversion costs) Costs in beginning inventory 132,000 materials; $164,000 conversion costs Current-period costs 252,000 materials; $440,000 conversion costs
Required: complete production report for the period using the weighted average cost method
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