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Trout, Inc. prepared the following production report Trout, Inc. Process Costing Production Report (Weighted Average Method) UNITS Step I: Units to be accounted for Physical
Trout, Inc. prepared the following production report Trout, Inc. Process Costing Production Report (Weighted Average Method) UNITS Step I: Units to be accounted for Physical Units 3,000 Beginning Work in Process Started into Production Total units 7,000 Step 2 Equivalent Units Units accounted for as follows: 2,000 b. Completed and transferred Ending Work in Processd. Total units Step 3: Cost per Equivalent Unit Materials Conversion Total Cost S 18,000 S 14.000 COSTS Cost of beginning inventory 122,000 206,000 Current period costs Total cost of units in process Equivalent units Cost per equivalent unit k. Step 4: Reconcile Work in Process Cost to be accounted for 14,000 206,000 S 18,000 Beginning Work in Process Current period costs 122,000 Total costs Cost accounted for as follows: Units completed and transferred Ending inventory n. n. O. Additional information: Trout adds direct materials at the beginning of the process, while conversion costs are incurred uniformly throughout the process. At the beginning of the period, Work in Process Inventory was 40% complete. At the end of the period, Work in Process Inventory was 70% complete Required: Fill in the missing amounts
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