Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the...

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Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 80% complete with respect to conversion; the ending work-in-process inventory is 20% complete. The following data pertain to May: Work in process, May 1 Units started during May Units completed and transferred out Work in process, May 31 Costa Work in process, May 1 Costs incurred during May Totals wwww. Unite 16,000 65,000 73,000 8,000 Total $ 46,250 237,630 $283,880 Direct Materials: Conversion Costs $18,500 $ 27,750 174,000 163,630 $ 92,500 $ 191,380 Using the weighted-average method of process costing, calculate the cost of goods completed and transferred during May. Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 80% complete with respect to conversion; the ending work-in-process inventory is 20% complete. The following data pertain to May: Work in process, May 1 Units started during May Units completed and transferred out Work in process, May 31 Costa Work in process, May 1 Costs incurred during May Totals wwww. Unite 16,000 65,000 73,000 8,000 Total $ 46,250 237,630 $283,880 Direct Materials: Conversion Costs $18,500 $ 27,750 174,000 163,630 $ 92,500 $ 191,380 Using the weighted-average method of process costing, calculate the cost of goods completed and transferred during May.

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SOLUTION To calculate the cost of goods completed and transferred during May using the weightedav... View the full answer