QUESTION Two Mary Able was an accomplished ballet dancer and wanted to do someth

Question

QUESTION Two Mary Able was an accomplished ballet dancer and wanted to do something other than modelling. With the help of a friend who was an experienced business executive, she decided to open a company that would produce ballet slippers. The slippers go through two production processes. Information relating to the first process, fitting, is given below: November 1, Opening Work-in-Process Materials Conversion 5,000 Units Costs 40% $4,100 At November 31, 175,000 units had been transferred to the next department November 30, Ending Work-in-Process 10,000 Units Materials Conversion 30% During the month the following costs were incurred: Materials Conversion 7.000 352,000 Prepare a Production Report for the month of November usimg the Weighted Average method for the fitting Answer on the following page in the space provided.

Explanation / Answer

Prepare production report :

Unit to be accounted for Unit transferred out 175000 Ending work in process 10000 Unit accounted for as follows Material Conversion cost Unit transferred out 175000 175000 175000 Ending work in process 10000 10000 3000 Total 185000 178000 Unit cost Beginning work in process 1765 4100 Cost during period 57000 352000 Total cost 58765 356100 Equivalent unit 185000 178000 Unit cost 0.32 2.00 Cost Reconciliation Unit transfered out 405687 Ending work in process 9178 Total 414865

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