(Answered) Question - blackmon company introduces material at the

Accounting

Question - Blackmon Company introduces material at the beginning of operations in its process while adding conversion cost evenly throughout production. The following data are available for one period:

Units started into production 9000 Units

Units transferred to finished goods 7500 Units

Beginning inventory (20 % processed) 600 Units

Ending inventory (40% processed) 700 Units

Current material cost $18,000

Current Conversion cost 12,500

Material cost in beginning inventory 1,200

Conversion cost in beginning inventory 220

A total of 30% of the lost units were due to abnormal conditions. Inspections is at the 50% stage of operations.

a) Using the Weighted Average method: prepare a production report.

b) Prepare the journal entries to transfer cost to finished goods.

c) Prepare the journal entry to write-off the abnormal cost.

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