Question: Materials are added at the start of process and conversion costs are added evenly throughout. At the start of March WIP was 40% complete for conversion with material costs of 10000 and conversion cost of 60000.
Beginning WIP inventory-2000 units
Units started during the month the month - 15000 units
Units transferred to finish goods - 10000 units
ending WIP was 80% complete
direct material cost - 500000
conversion cost - 751200
1. Prepare the production cost report for march using weighted average method.