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 2017, the following events occurred in the Processing Department:

Units started17,000 unitsUnits completed and transferred to Finishing Department14,500 units

Costs assigned to processingRaw materials (one unit of raw materials for each unit of product started)$296,200Manufacturing supplies used18,000Direct labor costs incurred103,000Supervisors' salaries12,000Other production labor costs14,000Depreciation on equipment6,000Other production costs18,000

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) fill out the blanks for a cost of production report for the Processing Department for November.

Do not use negative signswith any of your answers.

Cost per equivalent unit in process

(Round answers two decimal places.)

Processing Department

Cost of Production Report

For the Month Ending November 30, 2017Summary of units in process:BeginningAnswer

Units startedAnswer

In processAnswer

CompletedAnswer

EndingAnswer

Equivalent units in process:MaterialsConversionTotalUnits completedAnswer

Answer

Plus equivalent units in ending inventoryAnswer

Answer

Equivalent units in processAnswer

Answer

Total cost to be accounted for and cost per equivalent unit in process:Beginning work-in-processAnswer

Answer

Answer

Current costsAnswer

Answer

Answer

Total cost in processAnswer

Answer

Answer

Equivalent units in processAnswer

Answer

Answer

Answer

Answer

Accounting for total costs:Transferred outAnswer

Ending work-in-process:MaterialsAnswer

ConversionAnswer

Answer

Total cost accounted forAnswer

(b) fill out the blanks for an analysis of all changes in Work-in-Process.

Do not use negative signswith any of your answers.

Work-in-process:Answer

Beginning Current manufacturing costs:Direct materialsAnswer

Direct laborAnswer

Applied overheadAnswer

Answer

TotalAnswer

Cost of goods manufacturedAnswer

EndingAnswer