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.

Find the missing amounts.

FINCHER FARMSProcess Costing Production Report (Weighted-Average Method)For the month ended January 31, 2013

Units

Units accounted for

Beginning work in process 40,000

Started into production ??

Total units 40,000

Equivalent Units

Physical Units   Direct Materials Conversion Cost

Units accounted for

Completed and transferred 260,000 260,000 ??

Ending work in process ?? 80,000 ??

Total units 260,000 340,0000 0

Explanation / Answer

Fincher Farms Units Accounted for Units Equivalent Units Direct Materials Equivalent Units Conversion costs Beginning WIP                    40,000            40,000                 12,000 Started Into Production                 300,000         300,000              280,000 (including 28000 eq conversion units of beginning wip) Total                 340,000         340,000              292,000 Units Accounted for Completed and Transferred                 260,000         260,000              260,000 Closing WIP                    80,000            80,000                 32,000 Total                 340,000         340,000              292,000

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