### Production cost accounting-weighted average method

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Production Cost Accounting - Weighted Average Method

Maple, Inc. manufactures syrup that goes through three processing stages prior to completion.  Information on work in the first department, blending, is given below for August:

 Production Data: Pounds in process, August 1; materials 100% complete; conversion 70% complete 3,000 Pounds started into production during August 85,000 Pounds completed and transferred out ? Pounds in process, August 31; materials 80% complete; conversion 30% complete 6,000 Cost Data: Work in process inventory, August 1:Materials cost \$900 Conversion cost \$5,900 Cost added during May:Materials cost \$151,000 Conversion cost \$161,700

The company uses the weighted-average method.

Instructions:

Use an excel document with each tab labeled by item number, which demonstrates the following:

1. Compute the equivalent units of production.

2. Determine the cost of ending work in process inventory and of the units transferred out to the next department.

3. Prepare a cost reconciliation schedule for the month.

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