question 2

19 Dodd Corporation uses the weighted-average method in its process costing system This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were: Material Conversion Costs Percent Complete 75% 50% Cost S7.500 $4.000 A total of 5,000 units were started, and 4,500 units were completed and transferred to the second processing department during the month The following costs were incurred in the first processing department during the month: Material Costs $110,000 Conversion Costs $90.000 Ending inventory consisted 550 units. These units were 80% complete with respect to materials and 30% complete with respect to conversion costs. Units that are spoiled are detected by an inspection at the end of the process. These are disposed at zero net disposal value. Normal spoilage is 5% of good units. All spoilage units (normal and abnormal) are 100% complete with regard to materials and conversion costs. Requirements 1. Prepare a cost of production report, including: Unit Reconciliation Computation of Equivalent Units Cost of Production Cost per Equivalent Unit Allocation of Costs/Reconciliation of Costs to be accounted for Note: be sure your answer sellest 1. Equivalent units of production (both Material and Conversion Costs) 2. Total Cost of Production 3. Cost per Equivalent Unit (both Material and Conversion Costs) 4. Cost of Good Units Completed and Transferred out 5. Abnormal Spoilage 6. Ending WIP Inventory 2. Journal Entries equirements 1. Prepare a cost of production report, including: Unit Reconciliation/Computation of Equivalent Units Cost of Production Cost per Equivalent Unit Allocation of Costs/Reconciliation of Costs to be accounted for Note: be sure your answer reflects... 1. Equivalent units of production (both Material and Conversion Costs) 2. Total Cost of Production 3. Cost per Equivalent Unit (both Material and Conversion Costs) 4. Cost of Good Units Completed and Transferred out 5. Abnormal Spoilage 6. Ending WIP Inventory 2. Journal Entries Prepare the Journal Entry(s)... if any... relating to units that were completed and transferred out. Prepare the Journal Entry(s)... if any... relating to Spoilage