Manufacturing company uses WEIGHTED AVERAGE METHOD for product costing. Materials for the product are added at the beginning of the process and conversion costs (CC) are added evenly throughout the production. Inspection (testing) occurs when units are 100% complete. Normal spoilage is 10% of the good units completed and transferred out. (show calculations and carry unit costs to 3 decimal places) A. Prepare production report based on the following information; then B. Answer questions and journalize items indicated (next page) May 1, WIP beginning inventory 2,000 units (completion rates: DM 100%; CC 80%) Units started 14,000 units Ending inventory, May 31 1,000 units (completion rates: DM 100%; CC 60%) Total spoilage: 1,500 units COSTS: Beginning inventory DM $ 6,000 Beginning inventory CC 12,800 Costs incurred in May: DM 47,600 Costs incurred in May: CC 114,800 TOTAL: $181,200 A PRODUCTION REPORT: Part B: 1. Total cost of units transferred out: Number of units transferred out: Units: Manufacturing cost per unit entered in Finished Goods Inventory: $ per unit 2. Cost of abnormal spoilage: 3. Journalize item (1) and (2) above DEBIT CREDIT Manufacturing company uses WEIGHTED AVERAGE METHOD for product costing. Materials for the product are added at the beginning of the process and conversion costs (CC) are added evenly throughout the production. Inspection (testing) occurs when units are 100% complete. Normal spoilage is 10% of the good units completed and transferred out. (show calculations and carry unit costs to 3 decimal places) A. Prepare production report based on the following information; then B. Answer questions and journalize items indicated (next page) May 1, WIP beginning inventory 2,000 units (completion rates: DM 100%; CC 80%) Units started 14,000 units Ending inventory, May 31 1,000 units (completion rates: DM 100%; CC 60%) Total spoilage: 1,500 units COSTS: Beginning inventory DM $ 6,000 Beginning inventory CC 12,800 Costs incurred in May: DM 47,600 Costs incurred in May: CC 114,800 TOTAL: $181,200 A PRODUCTION REPORT: Part B: 1. Total cost of units transferred out: Number of units transferred out: Units: Manufacturing cost per unit entered in Finished Goods Inventory: $ per unit 2. Cost of abnormal spoilage: 3. Journalize item (1) and (2) above DEBIT CREDIT