weighted average method

Use the following to answer questions 1 and 2: Wilbus Inc manufactures bottled water, and uses process costing Wilbus adds direct materials at the beginning of the process, while conversion costs are incurred uniformly throughout the process. At the beginning of the period, Work in Process Inventory is 40% complete. At the end of the period, Work in Process Inventory is 70 % complete. Additional information appears below: Beginning work in process: Direct materials Conversion cost (40% complete) 3,000 units $ 18,000 S 14,000 Number of units started this period Number of units completed and transferred to finished goods 4,000 2,000 Ending work in process (70 % complete for CC) Current period costs: Direct materials Conversion cost $122,000 $ 306,000 1. (T or F) The total amount of materials cost transferred out is approximately $116,364. The cost per equivalent for conversion cost is approximately $20.00. 2. (T or F) The total cost of units transferred out may be zero. 3. (T or F) Current period costs may be less than or equal to but not greater than the cost of beginning work in 4. (T or F) process. The cost of transferring goods from work in process to finished goods requires combining the costs per 5. (T or F) equivalent unit for direct materials and conversion costs