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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

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ekkarill92 answered 2 years ago
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