Question - Rhino Car Wax makes its best-selling car wax in Mobile, Alabama. The production process begins by mixing all of the required materials. In a series of steps, the mix is then converted to a finished car wax paste. Rhino incurs conversion costs uniformly throughout the process.
Rhino began March with zero cases of car wax in beginning inventory. On March 1, Rhino started enough material for 74,500 cases of finished wax. By the end of March, Rhino had completed work on 63,250 cases, and assessed ending WIP inventory to be 60% complete with respect to conversion costs. Finally, Rhino spent $782,250 on materials and $1,697,500 on conversion costs during March.
Prepare a process-cost report to compute the cost of the cases of car wax finished during March and the cost of the cases still in process as of March 31.