DESCRIPTION
Smith Electronics Company’s chip mountain production department had 300 units of unfinished product, each 40% complete on 09/30. During October, this department put another 900 units into production and completed 1,000 units transferring them to the next production department. 10/31, 200 units of unfinished product existed, 70% completed, were recorded in ending WIP inventory. Smith Electronic introduces all direct materials when the cost production process is 50% complete. Direct labor & factory overhead (i.e., conversion costs) are added uniformly throughout the process.
PART 1: Calculate each of the following amounts using weighted average processing costing
PART 2: Create a production cost report for october using the weighted average method
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