Part II-Problem-Process Costing- Plant 2- Total 26 Points The Laramie Factory produces expensive boots. It has two departments that process all the items. During January, the beginning work in process in the tanning department was 40% complete as to conversion and 100% complete as to direct materials. The beginning inventory ineluded $6,000 for materials and $18,000 for inventory in the tanning department was 40% complete. Direct materials are added at the beginning of the process. Beginning work in process in the finishing department was 60% complete as to conversion. Beginning inventories included $7,000 for transferred-in costs and 10,000 for conversion costs. Ending inventory was 30% complete. Additional information about the two departments follows: Tanning 5,000 14,000 16,000 3,000 Beginning work-in-process units Units started this period Units transferred this period Ending work-in-process units 4,000 18,000 2,000 Material costs added Conversion costs Transferred-out cost $18,000 32,000 53,000 $17,900 Required: Prepare a production cost worksheet using weighted-average costing for the finishing department. Answer: Production Cost Worksheet Finishing Department Weighted-Average Method Flow of production Physical Trans-In Conversion Units Work in process, beginning Transferred in during period To account for Units transferred out Work in process, ending Accounted for Trans-in Conversion Totals Costs Work in process, beginning Costs added during period Total costs to account for Divided by equivalent units Equivalent-unit costs Assignment of costs Transferred out ( Work in process, ending Transferred-in costs ( Conversion ( Costs accounted for