Partial Production Report; Journal Entries; Weighted Average Method

Albany Company accumulates costs for its product using process costing. Direct material is added at the beginning of the production process. and conversion activity occurs uniformly throughout the process.

ProductionReport Forthe Month of May
	PhysicalUnits	Percentageof Completion with Respect to Conversion	Equivalent Units
			Direct Material	Conversion
Work inprocess,August1	40,000	80%
Units started during August	80,000
Total units to account for	120,000
Units completed and transferred out during August	100,000		100,000	100,000
Work in process,August31	20,000	30%	20,000	6,000
Total units accounted for	120,000

	Direct Material	Conversion	Total
Work in process,May1	$42,000	$305,280	$347,280
Costs incurred during May	96,000	784,400	880,400
Total costs to account for.	$138,000	$1,089,680	$1,227,680

Required: Use weighted-average process costing in completing the following requirements.

1. Prepare a schedule of equivalent units.

2. Compute the costs per equivalent unit.

3. Compute the cost of goods completed and transferred out during August.

4. Compute the cost remaining in the work-in-process inventory on August 31.