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


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	$	130,495
Costs incurred in September
Direct materials	$	420,000
Conversion	$	360,000
Work in process inventory, September 30 (6,500 units, 100% complete with respect to direct materials, 30% complete with respect to conversion)		?
Units started in September		32,500
Units completed and transferred out		27,500

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.

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Expert Solution

ekkarill92 answered 1 year ago

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