Process Costing $-$ Weighted Average Method

Work In Process $10/1-16,000$ units

Direct Material: $100\%$ complete $ $54,560$

Conversion Cost: $10\%$ complete $ $35,560$

Balance WIP $10/1$ $ $90,120$

Units Started during October $100,000$ units

Units Completed & Transferred Out during Oct. FORMULA units

Cost Incurred During October

Direct Material $ $568,000$

Conversion Costs:

DL $ $500,000$

Overhead Costs $ $74,040$

Total conversion costs $ $574,040$

Work In Process Units, $10/3124,000$ units

Direct Material $100\%$ complete

Conversion $40\%$ complete

$1.$ Determine the physical flow of goods

$2.$ Determine the equivalent units for material and conversion

$3.$ Determine the price per equivalent unit for material and conversion

$4.$ Determine the cost of goods completed and transferred out and the cost in ending WIP.

Remember: Insert a number in cells with the word "NUMBER". If FORMULA appears in the cell

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Step $1-$ Physical Flow of Units

Beginning WIP: $16,000$

Plus: Units Started $100,000$

Total Units to Account For $116,000$

Units Completed & Trans Out FORMULA

Ending WIP FORMULA

Total Units Accounted For #VALUE!

Step $2-$ Calculation of Equivalent Units

$\%$ of Complete Equivalent Units

Direct Material Conversion DM Conversion

Units Completed & Trans Out $100\%100\%$ FORMULA FORMULA

Ending WIP $100\%$ FORMULA #VALUE! FORMULA

Total Units Accounted For #VALUE! FORMULA

Step $3-$ Computation of Unit Costs

Direct Material Conversion Total

Beginning WIP: $ $54,560$ $ $35,560$ $ $90,120$

Plus: Cost Incurred FORMULA $ $574,040$ #VALUE!

Total Costs to Account For #VALUE! FORMULA #VALUE!

Equivalent Units FORMULA FORMULA

Cost $/$ Equiv Unit FORMULA FORMULA FORMULA

Step $4-$ Analysis of Total Cost

Cost of Goods Completed & Transferred Out

Direct Material Conversion Total

Number of Units Trans Out FORMULA FORMULA

Cost $/$ Equiv Units FORMULA FORMULA

Total #VALUE! FORMULA FORMULA

Ending Work$-$In$-$Process $10/31$

Direct Material Conversion Total

Number of Equiv Units FORMULA FORMULA

Cost $/$ Equiv Units FORMULA FORMULA

Total WIP $10/31$ #VALUE! #VALUE! FORMULA

Total costs accounted for FORMULA