Equivalent Units and Product cost Report$-$Weighted Average Method

The following data $($and annotations$)$ are for Joyner Company's processing department work$-$in$-$process account for the month of June:

Beginning inventory $(700$ units, $40\%$ complete$)$

Direct materials $$5,810$

Conversion costs $15,884$

Current period

Direct materials $(5,000$ units$)70,000$

Direct labor $119,200$

Manufacturing overhead applied $75,600$

Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work$-$in$-$process is composed of $900$ units, $70\%$ complete. Compute the following:

a$.$ Equivalent units for materials and conversion.

b$.$ Cost per equivalent unit for materials and conversion.

c$.$ Total cost assigned to the units transferred out.

Equivalent Units

Where do the units come from?

Where do the units go$?$

$\%$ Work

Done? Direct

Materials $\%$ Work

Done? Conversion

Costs

Beginning Inventory Answer

Complete$/$Transferred Answer

Answer

Answer

Answer

Answer

Started

Answer

Ending Inventory

Answer

Answer

Answer

Answer

Answer

Total Answer

Total Answer

Answer

a$.$ Answer

a$.$

Product Cost Report

Where do the costs come from? Direct

Materials Conversion

Costs

Beginning Inventory Answer

Answer

Answer

Current

Answer

Answer

Answer

Total Costs to Account For Answer

Answer

Answer

$-$: Total Equivalent Units Answer

Answer

Average cost $/$ Equivalent unit Answer

b$.$ Answer

b$.$

Where do the costs go$?$

Complete $/$ Transferred:

Direct Materials Answer

Conversion costs

Answer

Costs of Goods Manufactured Answer

c$.$

Ending Inventory:

Direct Materials Answer

Conversion costs

Answer

Cost of Ending Inventory

Answer

Total Costs Allocated

Answer