3. (TCO F) Lucas Company uses the weighted-average method in its process costing

Question

3. (TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows: Units Material Cost Work in process on October 1 6,000 $3,000 Units started in October 50,000 $25,560 Units completed and transferred to next Department during October 44,000 What was the materials cost of work in process at on October 31? (Points : 5)

Explanation / Answer

PERFECT ANSWER ... !!
PLZ RATE LIFESAVER

Cost for the month = 3,000 + 25,560 = 28,560
EU for the material = trf out unit + end wip = 44,000 + 12,000 = 56.000
UC/ EU = $0.51
End WORK IN PROCESS value = 12,000 x $0.51 = $6,120

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