Question

In: Accounting

Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products....

Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for the company's first production process September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process.

Work in process inventory, September 1 (4,500 units, 100% complete with respect to
direct materials, 70% complete with respect to direct labor and overhead; consists of
$54,000 of direct materials cost, $99,900 conversion cost

$ 153,900
Costs incurred in September
Direct materials $ 450,000
Conversion $ 367,000
Work in process inventory, September 30 (9,500 units, 100% complete with respect to direct
materials, 30% complete with respect to conversion)
?
Units started in September 35,500
Units completed and transferred to finished goods inventory

30,500

Required:
Compute each of the following using the weighted-average method of process costing.

1. & 2. The number of equivalent units for materials and conversion for the month.
3. & 4. The cost per equivalent unit of materials and conversion for the month.
5. The total cost of goods transferred out.
6. The total cost of ending work in process inventory.

Solutions

Expert Solution


Related Solutions

Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products....
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for the company's first production process September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (6,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $60,000 of direct materials cost, $78,460...
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products....
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for the company's first production process September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (1,500 units, 100% complete with respect to direct materials, 70% complete with respect to conversion; consists of $45,800 of direct materials cost, $84,695 conversion cost $...
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products....
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for the company's first production process September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (2,500 units, 100% complete with respect to direct materials, 70% complete with respect to direct labor and overhead; consists of $70,400 of direct materials cost, $93,475...
1. A company uses a process costing system and the weighted average method for inventory costs....
1. A company uses a process costing system and the weighted average method for inventory costs. The following information is available regarding direct labor for the current year: Work in Process, January 1 5,500 units, 80% complete Work in Process, December 31 8,800 units, 40% complete Units completed and transferred to finished goods 46,900 units Direct labor costs during the year $266,300 (a) Calculate the equivalent units of production for direct labor for the year. (b) Calculate the average cost...
Greasy Nutritional Products, Inc. uses weighted-average process costing to account for its production costs. Conversion cost...
Greasy Nutritional Products, Inc. uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process, whereas direct materials are added at the beginning of the process. During December, the company transferred 1,090,000 units of product to finished goods. The company started 950,000 units in December. At the end of December, the work in process inventory consists of 670,000 units that are 20% complete with respect to conversion. Beginning inventory had $1,190,000 of direct...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 720,000 units of product to finished goods. At the end of November, the work in process inventory consists of 199,000 units that are 50% complete with respect to conversion. Beginning inventory had $179,205 of direct materials and $163,900 of conversion cost. The direct material cost...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 765,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 204,000 units that are 50% complete with respect to conversion. Beginning work in process inventory had $440,895...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 810,000 units of product to finished goods. At the end of November, the work in process inventory consists of 197,000 units that are 90% complete with respect to conversion. Beginning inventory had $392,730 of direct materials and $123,413 of conversion cost. The direct material cost...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 795,000 units of product to finished goods. At the end of November, the work in process inventory consists of 186,000 units that are 40% complete with respect to conversion. Beginning inventory had $510,120 of direct materials and $65,205 of conversion cost. The direct material cost...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 775,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 209,000 units that are 40% complete with respect to conversion. Beginning work in process inventory had $447,720...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT