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November 21, 2022 Essayheroes

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A company uses the weighted average method of process costing. It had 40,000 units in beginning inventory, which were 70% complete as to materials and 80% complete as to conversion. During the month, it started 110,000 units. At the end of the month, 32,000 units were in inventory, which were 65% complete as to materials and 60% complete as to 4 conversion. Cost information is as follows:

	Beginning work in process inventory:
	Direct materials costs		$158,200
	Conversion costs		193,600
	Total beginning inventory cost			$351 ,800
	Costs added during the month:
	Direct materials costs		632,960
	Conversion costs		629,600
	Total costs added during the month			1,262,560
	Total production costs			$1,614,360

		Units	Materials %	Convension %
	Beginning Inventory	40,000	70%	80%
	Units Started	110,000
	Ending Inventory	32,000	65%	60%

	Equivalent Units of Production		Direct materials	Conversion
	Equivalent units completed and transferred out
	Equivalent units for ending work in process
	Total equivalent units of production

	Cost per Equivalent Unit of Production		Direct materials	Conversion
	Costs of beginning work in process inventory
	Costs added during month
	Total costs

	Equivalent Units of Production
	Cost per Equivalent Units of Production

	Assign and reconcile costs
	Cost of units completed and transferred out
	Direct materials
	Conversion
	Total cost of units completed this period

	Cost of units in ending inventory
	Direct materials
	Conversion
	Total cost of units completed this period

	Total costs accounted for

Posted in: Research Papers

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