Timberline Associates uses the weighted-average method in its process costing system. The following data are for the first processing department for a recent month: Work in process, beginning:
Units in process 2,400
Percent complete with respect to materials 75%
Percent complete with respect to conversion 50%
Costs in the beginning inventory:
Materials cost $8,400
Conversion cost $7,200
Units started into production during the month 20,800
Units completed and transferred out 22,200
Costs added to production during the month:
Materials cost $97,400
Conversion cost $129,600
Work in process, ending: Units in process 1,000
Percent complete with respect to materials 80%
Percent complete with respect to conversion 60%
1. Determine the equivalent units for June for the first process
2. Compute the costs per equivalent unit for June for the first process.
3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next processing department in June.
4. Prepare a report that reconciles the total costs assigned to the ending work in process inventory and the units transferred out with the costs in beginning inventory and costs added during the period.
5. Prepare journal entries based upon the production report.

1.Equivalent Units  Materials  23,000  Conversion 22,800    (A)

2.Total Costs Materials $ 105,800 Conversion $ 136,800   (B)

3. WIP Ending Inventory costs $ 7280

4. Materials  Costs $ 105800 Conversion  Costs   $ 136800  (C)

Explanation:

Timberline Associates

Weighted-Average Method

Equivalent Units

Particulars        Units         % of Completion             Equivalent Units

                                     Materials Conversion     Materials Conversion

Completed    22,200      100          100                22,200        22,200

Ending WIP    1000          80           60                   800             600        

Equivalent Units                                                    23,000         22,800    (A)

2. Total Cost to Account For

                                                     Materials                Conversion

Beginning WIP                                 8400                       7200

Cost Added During the month      97400                     129,600    

Total Costs                                     105,800                   136,800   (B)  

Equivalent Units                           23,000                      22,800  

Equivalent Cost per unit           105,800/23000       136,800/22800

                                                    = $ 4.6                           = $ 6

3. WIP Ending Inventory costs $ 7280

Materials = 800 * $ 4.6= $ 3680

Conversion = 600 *$6= $ 3600

Total  Cost           $ 7280          

4.  Unit Transferred Out Costs  235320

Materials  = 22,200 * $ 4.6= $ 102120

Conversion = 22,200 *$6= $ 133200

Total  Cost           $   235320        

WIP Ending Inventory costs $ 7280

Materials = 800 * $ 4.6= $ 3680

Conversion = 600 *$6= $ 3600

Total  Cost           $ 7280          

Materials Total Costs= $ 102120+  $ 3680 = $ 105800

Conversion Total Costs = $ 133200 + $ 3600= $ 136800  (C)

We see that the costs for Materials and conversion in  B= to the costs for materials and conversion in C.

5.  Finished Goods      235320 Dr

      Work In Process   235320 Cr

Cost of Goods Sold  Units  22,200 Dr

Finished Goods Units  22,200 Cr

Ending Work In Process  $7280 Dr

Materials           $ 3680 Cr

Conversion        $ 3600 Cr

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