Question: MacroMin Co. uses a weighted average process costing system. The following data are for the production department for December. The December ending work-in-process inventory was

MacroMin Co. uses a weighted average process costing system. The following data are for the production department for December.

The December ending work-in-process inventory was 75% complete with respect to both materials and conversion costs. The department completed and transferred 60,000 units.

Conversion Materials Units Percentage Percentage Complete Complete Work in process, beginning $

Required:

1. Calculate the cost of ending inventory for December.

2. Assume that the equivalent number of units processed for materials for December was 71,100. Calculate the number of units introduced and the DM cost of product inending inventory for December (rounded to the nearest cent).

3. Calculate the number of units in ending inventory, assuming that 71,100 EUs were completed in December by the department.

Conversion Materials Units Percentage Percentage Complete Complete Work in process, beginning $ 9,000 (60%) 4,000 $ 11,000 (60%) Units started into production Costs added in December 68,000 $159,000 $161,000

Step by Step Solution

★★★★★

3.42 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

They can speed through the question if they realize that since the degree of completion is the id... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Managerial Accounting Questions!

OMalley Corp. uses a weighted average process costing system. Material is added at the beginning of the production process and overhead is applied on the basis of direct labor. OMalleys records...

Waltham Mfg. makes skateboards and uses a weighted average process costing system. On May 1, 2010, the company had 400 boards in process that were 70 percent complete as to material and 85 percent...

Hebert Industries uses a weighted average process costing system. Management has specified that the normal loss from shrinkage cannot exceed 3 percent of the units started in a period. All raw...

MacroMin Co. uses a weighted average process costing system. The following data are for the production department for December The December ending work-in-process inventory was 80% complete with...

6. MacroMin Co. uses a weighted average process costing system. The following data are for the production department for December. The December ending work-in-process inventory was 80% complete with...

Marsa Co. uses a weighted average process costing system. The following data are for the production department for the month of February. The February ending work-in-process inventory was 75%...

QUESTION 1 10 points Saved The Townson Manufacturing Company has gathered the following information for the month of September pertaining to its use of materials in Work in Process: beginning...

Question 3, i know 4 is correct QUESTION 3 The Townson Manufacturing Company has gathered the following information for the month of September. 6,000 units in the beginning Work in Process Inventory...

Question Completion Status: The Lakeside Company uses a weighted average process costing system. The following data are available: Beginning inventory 1,000 units (100% complete as to materials and...

O out of 10 points The Townson Manufacturing Company has gathered the following information for the month of September pertaining to its use of materials in Work in Process: beginning Xinventory had...

Write a paper on Risk Assessment and Disaster Recovery

Question 3 (Select any that apply) A drug's functional groups can affect which of the following? (select any that apply) OA. How often you have to take it O B. How it is formulated How its...

Consider three forms of the effcient market hypothesis ( EMH ) . ( a ) If an investor has insider information that a stock is overpriced, what should he do to beat the market according to the strong...

3 The importance of the consumer price index and other price indexes

For many years, Thomson Company manufactured a single product called LEC 40. Then three years ago, the company automated a portion of its plant and at the same time introduced a second product called...

Puget World, Inc., manufactures two models of television sets, the N 800 XL model and the N 500 model. Data regarding the two products follow: Additional information about the company follows: a....

Suppose you're considering investing in a portfolio consisting of 3 0 % Treasury bonds and 7 0 % in an "index fund" representing all U . S . common stocks. The returns of the Treasury bonds are...

Two sisters each open IRAs in 2011 and plan to invest $3,000 per year for the next 30 years. Mary makes her first deposit on January 1, 2011, and will make all future deposits on the first day of the...

Which of the following is(are) among the responsibilities of FINRA? (1) Educating investors. (2) Fostering market transparency. (3) Writing and enforcing rules governing the activities of all...