Question: Tannenbaum Corporation uses the weighted average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400

Tannenbaum Corporation uses the weighted average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs andpercentage completion ofthese units in beginning inventory were Cost 5,700 6,800 o COImplete 65% 4590 Materials costs onversion costS A total of6,500 units were started and 5,900 units were transferredto the second processing department during the month. The first processing department incurred $125,500 ofmaterials costs and $206,950 of conversion costs during the month. The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. Complete the following to detemine the cost of ending WIP inventory in the first processing department (showcalculations ifneeded) Number of units in ending WIP Materials ConverS1On Units transferred to the next department + Ending WIP Equivalent units of production Materials ConverS1On Cost ofbe + Costs added during the period Total cost Equivalent units of production Cost per equivalent unit WIP ENDING WORK-IN-PROCESS INVENTORY:MaterialsConversionTOTAL Units in EndingWIP x Cost per equivalent unit Cost of Ending Work-in-Process inventor
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
