Question: The Gibson & Zorich Bakery bakes breads and muffins for wholesale to restaurants. The company uses process costing to account for the cost of the

The Gibson & Zorich Bakery bakes breads and muffins for wholesale to restaurants. The company uses process costing to account for the cost of the breads and muffins that it produces. Raw material (for example, flour, sugar, flavoring, fruits) and conversion costs are incurred at the same rate during the production process. Data for Gibson & Zorich€™s blending department for December are as follows:

Gibson & Zorich Bakery uses the weighted average method to compute equivalent units.

Required
A. How many units were completed in December?
B. How many equivalent units were completed in December?
C. What is the cost per equivalent unit?
D. What is the cost of the ending WIP?
E. What is the cost of the units transferred out of the blending department? That is, what is the cost of goods manufactured duringDecember?

Unit 5,000 100,000 10,000 Production Costs Work in process, December 1 (80% complete) Started during December Work in process, December 31 (50% complete) $ 140,000 1,060,000

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