Fincher Farms uses process costing to account for the production of canned veget

Question

Fincher Farms uses process costing to account for the production of canned vegetables. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning work in process is 30 percent complete: ending work in process is 40 percent complete. The following is an excerpt from the production report for Fincher Fams. Assume the company uses Weighted-Average Method Required: Find the missing amounts. Process Costing Production Report (Weighted-Average Method) For the month ended January 31, 2016 Units to be accounted for Beginning work in procoss 40,000 Started into production Total units t Units l Units Materials Conversion Cost its accounted for Completed and transferred Ending work in process 260,000 80,000 340,000 260,000 Total units

Explanation / Answer

Physical units Units to be accounted for: Beginning work in process 40000 Started into production 300000 Total units 340000 Equivalent units Physical units Direct materials Conversion cost Units accounted for: Completed and transferred 260000 260000 260000 Ending work in Process 80000 80000 32000 Total units 340000 340000 292000

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