Johnson Company uses the process costing method with the following data for the month of July.
WIP, July 1 20,000 unitDM: 100% completed $54,000
Conversion: 30% completed 12,800
Balance in WIP, July 1 $66,800
Units started during July 40,000
Units completed & transferred out 50,000
WIP, July 31, 10,000 units:
DM: 100% completed
Conversion: 60% completed
Costs incurred during July:
DM $120,000Conversion
Costs 200,000Total $320,000
Required: Prepare a production report using the weighted-average method.