Weighted Average Process Costing Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing. All materials are added at the beginning of work on the product in the Processing Department. During November 2014, the following events occurred in the Processing Department: Units started 17,000 units Units completed and transferred to Finishing Department 14,500 units Costs assigned to processing Raw materials (one unit of raw materials for each unit of product started) $ 142,900 Manufacturing supplies used 18,000 Direct labor costs incurred 53,000 Supervisors' salaries 12,000 Other production labor costs 14,000 Depreciation on equipment 6,000 Other production costs 18,000 Additional information follows: Minot uses weighted average costing and applies manufacturing overhead to Work-in-Process at the rate of 100 percent of direct labor cost. Ending inventory in the Processing Department consists of 4,500 units that are one-third converted. Beginning inventory contained 2,000 units, one-half converted, with a cost of $27,300 ($17,300 for materials and $10,000 for conversion). (a) Prepare a cost of production report for the Processing Department for November. Minot Processing Company: Processing Department Cost of Production Report For the Month Ending November 30, 2014 Summary of units in process: Beginning Answer 2,000 Units started Answer 17,000 In process Answer 19,000 Completed Answer 14,500 Ending Answer 500 Equivalent units in process: Materials Conversion Total Units completed Answer 14,500 Answer 14,500 Plus equivalent units in ending inventory Answer 4,500 Answer 1,500 Equivalent units in process Answer 19,000 Answer 16,000 Total cost to be accounted for and cost per equivalent unit in process: Beginning work-in-process $Answer 27,300 $Answer 17,300 $Answer 10,000 Current costs Answer 31,690 Answer 142,900 Answer 174,000 Total cost in process $Answer 344,200 $Answer 160,200 $Answer 184,000 Equivalent units in process Answer 19,000 Answer 16,000 Cost per equivalent unit in process (Round answers two decimal places.) $Answer 21.51 $Answer 10.01 $Answer 11.5 Accounting for total costs: Transferred out $Answer 53,000 Ending work-in-process: Materials $Answer 10 Conversion Answer 0 Answer 0 Total cost accounted for $Answer 0 (b) Prepare an analysis of all changes in Work-in-Process. Work-in-process: $Answer 23,700 Beginning Current manufacturing costs: Direct materials $Answer 17,300 Direct labor Answer 5,000 Applied overhead Answer 0 Answer 0 Total $Answer 0 Cost of goods manufactured Answer 311,931.25 Ending $Answer 32,268.75