Question: The company you work for uses a process costing system. You gather the following data: 3000 Work-in-process, beginning: Units in process Percent complete with respect

 The company you work for uses a process costing system. You

The company you work for uses a process costing system. You gather the following data: 3000 Work-in-process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Materials cost Conversion cost 45% 67% $ 25,420 $ 58,958 Added to production: Units started into production during the month Units completed and transferred out Materials cost Conversion cost 30,000 28,000 $ 259,845 $ 658,965 Work-in-process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion 5,000 70% 40% Using the weigthed average method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work-in-process inventory. d. Determine the cost of units transferred out of the department during the month. Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work-in-process inventory. d. Determine the cost of units transferred out of the department during the month

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!