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Product Cost ReportWeighted Average Method Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were

Product Cost ReportWeighted Average Method

Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:

Cost of beginning inventory
Direct material $9,800
Conversion costs 16,480
Costs added in Department 1:
Direct material $295,120
Direct labor 298,550
Manufacturing overhead 203,130 796,800

Department 1 handled the following units during May:

Units in process, May 1, 2019 2,000
Units started in Department 1 40,000
Units transferred to Department 2 39,000
Units in process, May 31, 2019 3,000

On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for process costing.

Required

Prepare the product cost report for Department 1 for May.

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

Riley Manufacturing Corporation Department 1 Flow of Units and Equivalent Units Calculations, May 2019
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 2 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

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