Question: Question 2- Process costing: Weighted average method (13 Marks) (a) Universal Corporation uses the weighted average method in its process costing system. The company has

Corporation uses the weighted average method in its process costing system. The

Question 2- Process costing: Weighted average method (13 Marks) (a) Universal Corporation uses the weighted average method in its process costing system. The company has the following information available for the month of January. Work in process, 1 January 10,000 units Direct material: 65% complete Conversion costs: 45% complete $8,000 2,220 A total of 40,000 units were started and 48,000 units were transferred out. Costs incurred during January: Direct material: Conversion costs: $125 500 207 000 Work in process, 31st January Direct material: 100% complete Conversion costs: 50% complete Determine the total cost of the January 31st work in process. (v)

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