Question: Paceheco Corporation uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below
Paceheco Corporation uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the departments operations in January.
| Units | Percent Complete with Respect to Conversion | |
|---|---|---|
| Beginning work in process inventory | 5,500 | 70% |
| Transferred in from the prior department during January | 59,400 | |
| Completed and transferred to the next department during January | 57,200 | |
| Ending work in process inventory | 7,700 | 40% |
The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $34,958 and a total of $559,654 in conversion costs were incurred in the department during January. The cost per equivalent unit for conversion costs for January in the Molding Department is closest to:
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