The Shamrock Paint Company uses a process-costing system. Materials are added at the beginning of a particular process, and conversion costs are incurred uniformly. Work in process at the beginning of the month is 30% complete, while at the end it is 25% complete. One gallon of material makes one gallon of product. Data follow:
Beginning inventory ............ 900 gal
Direct materials added ......... 9,200 gal
Ending inventory ........... 2,400 gal
Conversion costs incurred ........ $39,800
Cost of direct materials added ....... $82,950
Conversion costs, beginning inventory ..... $ 1,700
Cost of direct materials, beginning inventory . $ 2,900
Use the weighted-average method. Prepare a schedule of output in equivalent units and a schedule of application of costs to products. Show the cost of goods completed and cost of ending work in process.