QUESTION Two Mary Able was an accomplished ballet dancer and

QUESTION Two Mary Able was an accomplished ballet dancer and wanted to do something other than modelling. With the help of a friend who was an experienced business executive, she decided to open a company that would produce ballet slippers. The slippers go through two production processes. Information relating to the first process, fitting, is given below: November 1, Opening Work-in-Process Materials Conversion 5,000 Units Costs 40% $4,100 At November 31, 175,000 units had been transferred to the next department November 30, Ending Work-in-Process 10,000 Units Materials Conversion 30% During the month the following costs were incurred: Materials Conversion 7.000 352,000 Prepare a Production Report for the month of November usimg the Weighted Average method for the fitting Answer on the following page in the space provided.

Solution

Prepare production report :

Unit to be accounted for
Unit transferred out	175000
Ending work in process	10000
Unit accounted for as follows		Material	Conversion cost
Unit transferred out	175000	175000	175000
Ending work in process	10000	10000	3000
Total		185000	178000
Unit cost
Beginning work in process		1765	4100
Cost during period		57000	352000
Total cost		58765	356100
Equivalent unit		185000	178000
Unit cost		0.32	2.00
Cost Reconciliation
Unit transfered out			405687
Ending work in process			9178
Total			414865