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, the following events occurred in the Processing Department: Units started 20,000 units Units completed and transferred to Finishing Department 21,000 units Costs assigned to processing Raw materials (one unit of raw materials for each unit of product started) $350,000 Manufacturing supplies used Direct labor costs incurred Supervisors' salaries Other production labor costs Depreciation on equipment Other production costs 25,000 182,000 15,000 18,000 12,000 95,000 Additional information follows: Minot uses weighted average costing and applies manufacturing overhead to Work-in-Process at the rate of 90% of direct labor cost. Ending inventory in the Processing Department consists of 3,000 units that are one-fourth converted Beginning inventory contained 4,000 units, one-half converted, with a cost of $57,950 ($34,000 for materials and $23,950 for conversion). Cost of Production Report Work-in-Process Analysis (a) Prepare a cost of production report for the Processing Department for November. Do not use negative signs with any of your answers. Round Cost per equivalent unit in process to two decimal places, if needed. Processing Department Cost of Production Report For the Month of November Summary of units in process: Beginning Units started In process Completed Ending Equivalent units in process: Units completed Plus equivalent units in ending inventory Equivalent units in process Total cost to be accounted for and cost per equivalent unit in process: Beginning work-in-process Current costs Total cost in process Equivalent units in process Cost per equivalent unit in process Accounting for total costs: Transferred out Ending work-in-process: Materials Conversion Total cost accounted for 0 0 0 0 Materials Conversion Total 0 0 0 0 0 $ 0 $ 0 0 0 $ 0 $ 0 $ 0 + 0 $ 0 $ 0 0 $ 0