Massey Corporation uses a process cost system and the weighted-average cost flow assumption. Production begins in the Fabricating Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On March 1, the beginning work in process inventory consisted of 20,000 units which were 60% complete and had a cost of $190,000, $145,000 of which were materials costs. During March, the following occurred:

Materials added $305,000

Conversion costs incurred $120,000

Units completed and transferred out in March 50,000

Units in ending work in process March 31 (20% complete) 25,000

Instructions

Prepare a production cost report for The Fabricating Department for the month of July, using the weighted-average method.