The Laramie Co produces Expensive boots. It has two departments that process all the items. During January, the beginning work in process in the tanning department was 40% complete as to conversion and 100% complete as to direct materials. The beginning inventory included $6,000 for materials and $18,000 for conversion costs. Ending work-in-process inventory in the tanning department was 40% complete. Direct materials are added at the beginning of the process.
Beginning work in process in the finishing department was 60% complete as to conversion. Beginning inventories included $7,000 for transferred-in costs and $10,000 for conversion costs. Ending inventory was 30% complete.
Additional information about the two departments follows:
Tanning Finishing
Beginning work-in-process units 5,000 4,000
Units started this period 14,000 ?
Units transferred this period 16,000 18,000
Ending work-in-process units ? 2,000
Material costs added $18,000 ?
Conversion costs 32,000 $19,000
Transferred-out cost 50,000 ?
Required:
Prepare a production cost worksheet using weighted-average costing for the finishing department.