Help Save & Exit Submit Assume a company uses the weight-average method in its process costing. Its Work in Process T-account for the Refining Department for August is: August 1 balance Work in Process: Refining Department 62,000 Completed and transferred to Finished Goods 310,000 72,000 181,000 2 Materials Direct labor Overhead August 31 balance The August 1 work in process inventory consisted of 6,000 units with $38,500 in materials cost and $23,500 in conversion cost. The August 1 work in process inventory was 100% complete with respect to materials and 40% complete with respect to conversion. During August 48,000 units were started into production. The August 31 work in process inventory consisted of 8,000 units that were 100% with respect to materials and 60% complete with respect to conversion The materials cost included in the amount transferred from the Refining Department to Finished Goods is closest to: Multiple Choice $307,500 $277,500 Next > 7 or 10 E