Product Cost ReportWeighted Average Method

Gomez Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The costs of Department 1 for June 2016 were as follows:

Cost of beginning inventory
Direct material		$11,000
Conversion costs		25,480
Costs added in Department 1
Direct material	$447,340
Direct labor	716,600
Manufacturing overhead	310,800	1,474,740

Department 1 handled the following units during June:

Units in process, June 1	2,000
Units started in Department 1	45,000
Units transferred to Department 2	46,000
Units in process, June 30	1,000

On average, the June 1 units were 40% complete; the June 30 units were 70% complete. Direct materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Gomez uses the weighted average method for process costing.

Required

Prepare the product cost report for Department 1 for June.

Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number.

Gomez Manufacturing Corporation Department 1 Flow of Units and Equivalent Units Calculations, June 2016
		Equivalent Units
		% Work Done	Direct Materials	% Work Done	Conversion Costs
Complete/Transferred	Answer	Answer%	Answer	Answer%	Answer
Ending Inventory	Answer	Answer%	Answer	Answer%	Answer
Total	Answer		Answer		Answer

Product Cost Report
			Direct Materials		Conversion Costs
Beginning Inventory	$Answer		$Answer		$Answer
Current	Answer		Answer		Answer
Total Costs to Account For	$Answer		$Answer		$Answer
Total Equivalent Units			Answer		Answer
Average cost / Equivalent unit (round four decimal places)			$Answer		$Answer
Complete / Transferred:
Direct Materials	$Answer
Conversion costs	Answer
Cost of Goods Manufactured	$Answer
Ending Inventory:
Direct Materials	$Answer
Conversion costs	Answer
Cost of Ending Inventory	$Answer
Total Costs Allocated	$Answer