Assurer Inc. uses the weighted-average method in its process costing system. The following data concern the operations
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Question:
Assurer Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
Work in process, beginning: | |
Units in process | 300 |
Percent complete with respect to materials | 80% |
Percent complete with respect to conversion | 70% |
Costs in the beginning inventory | |
Materials cost | $1,368 |
Conversion cost | $8,064 |
Unite started into production during the month | 11,000 |
Units completed and transferred out | 11,000 |
Costs added to production during the month | |
Materials cost | $64,948 |
Conversion cost | $412,179 |
Work in process, ending: | |
Percent complete with respect to materials | 80% |
Percent complete with respect to conversion | 10% |
1. Determine the cost of ending work in process inventory.
2. Using Assurer Inc. data, determine the cost of the units that were completed and transferred to the next department.
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
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