Question
CarltonManufacturingCompanyhasthefollowinginformationavailableforitsprocess costingsystemforthemonthofMayinthefinishingdepartment.Thefinishingdepartmentis thesecondofamultipledepartmentmanufacturingplant.Materialsareaddedattheendof theprocessinfinishing. Work in Process Units Materials $0 Beginning Inventory 100,000 Conversion $30,000 Transferred-in 200,000 Prior department $50,000 Ending Inventory 50,000 Costs added
CarltonManufacturingCompanyhasthefollowinginformationavailableforitsprocess
costingsystemforthemonthofMayinthefinishingdepartment.Thefinishingdepartmentis
thesecondofamultipledepartmentmanufacturingplant.Materialsareaddedattheendof
theprocessinfinishing.
Work in Process Units
Materials $0 Beginning Inventory 100,000
Conversion $30,000 Transferred-in 200,000
Prior department $50,000 Ending Inventory 50,000
Costs added this month
Materials $225,000
Conversion $510,000
Prior department $550,000
Beginninginventoryis30%completeastoconversioncosts;endinginventoryis80%
completeastoconversioncosts.
Required: Prepare the cost of production report using both weighted average and FIFO method
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