The Laramie Factory Produces Expensive Boots Required:
Prepare a Production Cost Worksheet Using Weighted-Average Costing for Process

question 55

Essay

The Laramie Factory produces expensive boots.It has two departments that process all the items.During January,the beginning work in process in the tanning department was 40% complete as to conversion and 100% complete as to direct materials.The beginning inventory included $6000 for materials and for conversion costs.Ending work-in-process inventory in the tanning department was 40% complete.Direct materials are added at the beginning of the process.
Beginning work in process in the finishing department was 60% complete as to conversion.Beginning inventories included $7000 for transferred-in costs and $10 000 for conversion costs.Ending inventory was 30% complete.
Additional information about the two departments follows:
$$\begin{array} { | l | r | r | } \hline & \text { Tanning } & \text { Finishing } \\\hline \text { Beginning work-in-process units } & 5000 & 4000 \\\hline \text { Units started this period } & 14000 & ? \\\hline \text { Units transferred this period } & 16000 & 18000\\& & \\\hline \text { Ending work-in-process units } & ? & 2 0 0 0\\\hline & & \\\hline \text { Material costs added } & \$ 18000 & ? \\\hline \text { Conversion costs } & 32000 & \$ 19000 \\& & \\\hline \text { Transferred-out cost } & 50000 & ? \\\hline\end{array}$$
Required:
Prepare a production cost worksheet using weighted-average costing for the finishing department.
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Definitions:

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Cryptochrome

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A portion of the visible light spectrum, ranging approximately from 380 to 500 nm in wavelength, known for its high energy and effects on plants and human health.