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Joe Smith Manufacturing Corp. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department

Joe Smith Manufacturing Corp. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.

Work in process, beginning:

Units in process..................................................

300

Percent complete with respect to materials........

80%

Percent complete with respect to conversion.....

35%

Costs in the beginning inventory:

Materials cost

$15,000

Conversion cost

$20,000

Units started into production during the month....

800

Units completed and transferred out.....................

1,000

Costs added to production during the month:

Materials cost.....................................................

$55,000

Conversion cost..................................................

$75,000

Work in process, ending:

Units in process..................................................

100

Percent complete with respect to materials........

75%

Percent complete with respect to conversion.....

30%

Required - Using the weighted-average method: SHOW YOUR WORK!

  1. Determine the equivalent units of production for materials and conversion costs.

  1. Determine the cost per equivalent unit for materials and conversion costs.

  1. Determine the cost of units transferred out of the department during the month.

  1. Determine the cost of ending work in process inventory in the department.

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