Sweet Concoctions a syrup product that passes through three departments. Data for March for the first department follow:
Work in process, March1- Gallons:80,000 Materials:$68,600 Labor:$28,000 Overhead:$50,000
Gallons started in process- Gallons: 760,000
Gallons transferred out- Gallons:790,000
Work in Process, March31- Gallons:50,000
Cost added during March- ......................Materials:$907,200 Labor:$362,000 Overhead:$600,000
The beginning work in process inventory was 80% complete with respect to materials and 75% complete with respect to conversion. The ending work in process inventory was 60% complete with respect to materials and 20% complete with respect to conversion.
INSTRUCTIONS: Prepare a Production Cost Report for this department. Remember the four steps of a production cost report are 1) Determine the equivalent units. 2) Compute the cost per equivalent unit. 3) Determine the total cost of ending work in process inventory and the total cost of units transferred out, and 4) Prepare a cost reconciliation report.