Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Callisto Company manufactures chemical additives for Industrial applications. As the new cost accountant for Calisto, you have been assigned the task of completing the production

image text in transcribed
image text in transcribed
image text in transcribed
Callisto Company manufactures chemical additives for Industrial applications. As the new cost accountant for Calisto, 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 Units started into production this period Units completed and transferred out Ending WIP inventory Conte in beginning inventory Current-period costa 15,000 units (708 complete as to materials 700 complete as to conversion coat) 27,000 units 30,000 units 12.000 units (651 complete as to materials: 45 complete as to conversion conta) $ 131,000 materials: $160,000 conversion conta $ 253,000 materiale: $436,000 conversion conte Required: Prepare a complete production report for the period using the weighted average cost method (Round "Cost per equivalent unit to 3 decimal places and the rest to the nearest whole number:) Quantity Schedule Units to be accounted for Work in process, beginning Started into production Total units 15,000 27,000 42.000 Check my Quantity Materiale Converse Units accounted for as follows: Units transferred out during the month Work in process, ending Total units and equivalent units of production 30,000 12,000 42,000 30,000 7,800 37,800 30,000 5,400 35.400 Materials Conversion Whole unit Cost per equivalent unit Note: There is difference of $4 in both the values due to rounding and we feel a note which reads: "Due to rounding your "Cost accounted for may not be equal to "Cost to account for Cost Reconciliation Total Cost Equivalent Units (EU) Materials Canversion Cost accounted for as follows: Transferred to next department: Work in process, ending Materials Conversion Total Total cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Accounting & Financial InformationAnalyzing, Forecasting, And Decision Making

Authors: Mark S. Bettner

2nd Edition

1947098683, 9781947098688

More Books

Students also viewed these Accounting questions