Smart Corporation uses process costing in their manufacturing operations. The co

Question

Smart Corporation uses process costing in their manufacturing operations. The company uses the weighted average method and has the following information for the period: Units completed and transferred out: 6,000 Ending work in process: Materials 2,000 units 100% complete Conversion: 2,000 units 50% complete Costs per equivalent unit for materials: $1.50 Costs per equivalent unit for conversion: $2.50 A) What is the cost assigned to the units completed and transferred out? B) What is the cost assigned to the units in ending work in process?

Explanation / Answer

A) Cost assigned to the units completed and transferred out 6000 *(1.50+2.50) 24000 answer b) Cost assigned to units in ending work in process materials (2000*1.5) 3000 CC (2000*50%*2.5) 2500 Cost assigned to units in ending work in process 5500 answer

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