Problem:
1. Anchor Inc. uses the weighted-averagemethod in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
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Work in process, beginning:
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Units in process
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800
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Stage of completion with respect to materials
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60%
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Stage of completion with respect to conversion
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10%
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Costs in the beginning inventory:
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Materials cost
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$1,296
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Conversion cost
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$2,416
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Units started into production during the month
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16,000
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Units completed and transferred out
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16,500
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Costs added to production during the month:
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Materials cost
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$47,076
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Conversion cost
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$497,213
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Work in process, ending:
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Units in process
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300
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Stage of completion with respect to materials
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60%
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Stage of completion with respect to conversion
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70%
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Required:
Prepare a production report for the department using the weighted-average method.