Question - Madison Industries is a manufacturer of sweaters. The information for March is as follows:
Beginning work in process 10,000 units
Units started 20,000 units
Units completed 25,000 units
Beginning work-in-process direct materials $ 6,000
Beginning work-in-process conversion $ 2,600
Direct materials added during month $30,000
Direct manufacturing labor during month $12,000
Factory overhead $ 5,000
Beginning work in process was half converted as to labor and overhead. Direct materials are added at the beginning of the process. All conversion costs are incurred evenly throughout the process. Ending work in process was 60% complete.
Required: Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.