Managerial Accounting Q1

01 - 15 marks - Production Report Bertuzzi Tires has three departments. Its first department (the Processing Department) shows following data for the month of July: Work in process, beginning: Units in process Stage of completion with respect to materials Stage of completion with respect to conversion 8,000 100% 35% Costs in the beginning inventory: Materials cost Labour cost Overhead cost $110,500 $33,000 $26,000 Units started into production during the month Units completed and transferred out 94,000 92,000 Costs added to production during the month: Materials cost Labour cost Overhead cost $960,500 $310.000 $170,000 Work in process, ending: Units in process Stage of completion with respect to materials Stage of completion with respect to conversion ??? 100% 60% Required: Using the weighted average method, prepare a production cost report (11 marks) and the appropriate T-Account (4 marks) for the company