Nader Paints makes an environmentally sound paint that goes through 3 process. The following data is available for Process 1 for the month of April:

Units % Complete Costs

Beginning WIP inventory, April 11,000

Direct materials 75% $3,200

Conversion costs 70% $1,450

Units started in April 6,000

Costs incurred in April:

Direct materials $16,000

Conversion costs $15,800

Ending WIP inventory 3,000

Direct materials 80%

Conversion costs 60%

Spoilage 200

Direct materials 70%

Conversion costs 35%

Required:

1. Prepare a production cost report for Process 1 using weighted-average costing.
2. What journal entry would be made after preparing the production cost report for process 1?

Follow outline:

Production Report Weighted-Average Method Step Analysis of Physical Flor of Uinits Beginning WIP Started 0.00 Step 2 Compute Equivalent Uts Material: Conversi Trans-in 0.00 Completed Spoiled Ending WIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Step 3: Summarize the total casts to be accounted for: Material: Conversi Trans-i Total Cost of Beginning wIP +Costs during period Total Costs to Step 4: Compute Cast per Equie Material: Conversi Trans-in 0.00 Step 5 Assign amt costs from step 4 to units ocompleted and to units in ending work-n-process inventory Completed Spoiled Ending WIP Total Production Report Weighted-Average Method Step Analysis of Physical Flor of Uinits Beginning WIP Started 0.00 Step 2 Compute Equivalent Uts Material: Conversi Trans-in 0.00 Completed Spoiled Ending WIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Step 3: Summarize the total casts to be accounted for: Material: Conversi Trans-i Total Cost of Beginning wIP +Costs during period Total Costs to Step 4: Compute Cast per Equie Material: Conversi Trans-in 0.00 Step 5 Assign amt costs from step 4 to units ocompleted and to units in ending work-n-process inventory Completed Spoiled Ending WIP Total