MacroMin Co. uses a weighted average process costing system. The following data are for the production department
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 75% complete with respect to both materials and conversion costs. The department completed and transferred 60,000 units.
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.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Step by Step Answer:
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Introduction to Managerial Accounting
ISBN: 978-1259105708
5th Canadian edition
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
