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Production Cost Report for Draco Paints

Draco Paints makes an environmentally sound paint. The following data are available for the month of
April:
Percentage
Units Complete Costs
Beginning WIP inventory, April ............................ 11,000
Direct materials................................................ 75% $ 3,200
Conversion costs ............................................ 70 1,450
Units started in April ............................................ 6,000
Costs incurred in April:
Direct materials................................................ 16,000
Conversion costs ............................................ 15,800
Ending WIP inventory .......................................... 3,000
Direct materials................................................ 80
Conversion costs ............................................ 60
Spoilage .............................................................. 200
Direct materials................................................ 100
Conversion costs ............................................ 100
Required
a. Prepare a production cost report using weighted-average costing.
b. Show the flow of costs through the WIP Inventory T-account.

Solution Summary

The solution explains how to prepare a production cost report using the weighted average method

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