The Assembly Department uses a process cost accounting system and a weighted-average cost flow assumption. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. During July, $190,000 of materials costs and $133,000 in conversion costs were charged to the department. The beginning work in process inventory was $108,000 on July 1, comprised of $80,000 of materials costs and $28,000 of conversion costs.
Other data for the month of July are as follows:
Beginning work in process inventory, 7/1 25,000 units (40% complete)
Units completed and transferred out 90,000 units
Ending work in process inventory, 7/31 10,000 units (20% complete)
Instructions:
Prepare a complete Cost Production Report showing units and costs, accounted for and equivalent units of production. Be sure to show a cost reconciliation schedule.