Question

In: Accounting

Using the Weighted Average Method of process costing, what is the dollar value of inventory transferred...

Using the Weighted Average Method of process costing, what is the dollar value of inventory transferred out of the department?

Please round rates to $0.01 and inventory amounts to $1.

units percent complete cost
WIP, beginning 3,053 44 % 37,486
Started 274,793 2,603,144
WIP, ending 1,270 50

Solutions

Expert Solution

Costs to account for Costs
Work in process, beginning                  37,486
Started in production             2,603,144
Total costs to account for             2,640,630
Equivalent units                277,211
Weighted average cost per equivalent unit                       9.53
Costs accounted for as follows:
completed and transferred out             2,635,769
[9.53*276576]
WIP ending                     6,052
[9.53*635]
Total costs accounted for             2,641,821

Inventory transferred out is $2,635,769

Units movement Physical units Equivalent units
WIP beginning          3,053
started during current period      274,793
Units to account for      277,846
WIP ending percentage completion 50%
completed and transferred out during the period      276,576         276,576
WIP ending units          1,270                 635
Total units to account for      277,846         277,211

Please rate.

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

. Using the weighted average process costing method, what is the total physical units to be...
. Using the weighted average process costing method, what is the total physical units to be accounted for? 2. Using the weighted average process costing method, what is the total cost? 3. Using the weighted average process costing method, what is the material cost per equivalent unit? 4. Using weighted average process costing method, what is the cost of units completed and transferred out? 5. Using the weighted average process costing method, what is the cost of ending work in...
Transferred-in costs, weighted-average method.
Transferred-in costs, weighted-average method. Publish, Inc. has two departments: Printing and Binding. Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs). This problem focuses on the Binding Department Books that have undergone the printing process are immediately transferred to the Binding Department Direct material is added when the binding process is 80% complete. Conversion costs are added evenly during binding operations. When those operations are done, the books are immediately transferred to Finished Goods. Publish...
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...
To reconcile the number of physical units using the weighted average method of process costing, one...
To reconcile the number of physical units using the weighted average method of process costing, one must determine whether the units were: using direct materials or conversion costs at the end of the period. in the next production process or sold at the end of the period. completed or still in process at the end of the period. sold or still in inventory at the end of the period.
Which of the following is true of the weighted average method of process costing? A. If...
Which of the following is true of the weighted average method of process costing? A. If there is no ending work in process, it results in the same amount of cost for completed units as the FIFO method does. B. In computing equivalent units of production, it considers all work done during the previous periods. C. In computing the cost per equivalent unit of production, it considers only costs incurred in the current period. D. It better matches ending inventory...
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,500 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 11,300 65% Conversion costs $ 13,500 30% A total of 9,200 units were started and 8,100 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department...
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were:    Cost Percent Complete Materials costs $ 5,500 50% Conversion costs $ 1,700 20% A total of 6,800 units were started and 6,100 units were transferred to the second processing department during the month. The following costs were incurred in the first processing...
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,100 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 6,200 50% Conversion costs $ 2,400 20% A total of 7,500 units were started and 6,800 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department...
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 10,600 65% Conversion costs $ 12,800 30% A total of 8,500 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department...
Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 5,700 65% Conversion costs $ 6,800 45% A total of 6,500 units were started and 5,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT