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

question 1

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 $6,000 for materials and $18,000 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 $7,000 for transferred-in costs and $10,000 for conversion costs.Ending inventory was 30% complete.
Additional information about the two departments follows:
$$\begin{array} { l r r } & \text { Tanning } & \text { Finishing } \\\text { Beginning work-in-process units } & 5,000 & 4,000 \\\text { Units started this period } & 14,000 & ? \\\text { Units transferred this period } & 16,000 & 18,000 \\\text { Ending work-in-process units } & ? & 2,000 \\& & \\\text { Material costs added } & \$ 18,000 & ? 19,000 \\\text { Conversion costs } & 32,000 & ? \\\text { Transferred-out cost } & 50,000 & ?\end{array}$$
Required:
Prepare a production cost worksheet using weighted-average costing for the finishing department.

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Definitions:

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