Reed Company

Finishing Department production Report - Weighted average Method

Month ended November 30

Summary of Physical units

Units in beginning WIP inventory 12
Units started during month 78
Total unit to be accounted for 90
Units completed and transferred out 82
Units in ending WIP inventory (90-82) 8
Total unit accounted for 90

Equivalent Units of production

Particulars Physical units Transferred-in
%
units in beginning WIP inventory 12 0%
Units in Started and completed (82-12) 70 100%
units in ending WIP inventory 8 100%
Equivalent Units of production

Summary of cost to be accounted

Transferred-in Direct material
Cost in beginning WIP $ 110 $ 84
Cost incurred during Month (Add) $ 858 $ 740
Total cost to be accounted for $ 968 $ 824

cost per Equivalent Unit

Transferred-in Direct material
Total cost to be accounted for 858 740
Equivalent Units of production 78 78
Cost per Equivalent Unit 11 9.49
Assign costs to units transferred out and units in ending WIP inventory
cost assigned to units transferred out
Transferred-in Direct material
Cost of Beginning WIP transferred (a) 110 84
Equivalent units of WIP transferred in 0 0
Equivalent cost per unit 11 9.49
Cost of completing WIP transferred in (b) 0 0.00
Equivalent units which got started and completed 70 70
Equivalent cost per unit 11 9.49
Cost of units started during period and completed (c 770 664.10
Total cost of units transferred out (a + b + c) 880 748.10
 Transferred-in Direct material
equivalent units in ending WIP inventory 8 8
Cost per Equivalent Unit 11 9.49
cost assigned to units ending work in progress 88 75.90
Total cost assigned
A
average Method

oduction
Transferred-in Direct material Conversion
units % units % units
0 0% 0 60% 7.2
70 100% 70 100% 70
8 100% 8 50% 4
78 78 81.2

Conversion Total
$ 54 $ 248
$ 891 $ 2,489
$ 945 $ 2,737

Conversion Total
891
81.2
10.97 31.46

Conversion Total
54 248.00
7.2
10.97
79.00 79.00
70
10.97
768.10 2202.21
901.11 2529.21
Conversion Total
4
10.97
43.89 207.79
2,737 2737.00
 Marginal
Output TC TVC Fixed Cost FC Marginal Cost Revenue = R Revenue =
= TC - TVC = MC
MR

0 300 0 300 0
1 400 100 300 100 50 50
2 450 150 300 50 100 50
3 510 210 300 60 150 50
4 590 290 300 80 200 50
5 700 400 300 110 250 50
 Average
Profit/Loss = Revenue (AR)
R - TC
= R / Output

-300
-350 50
-350 50
-360 50
-390 50
-450 50