10- Bingham Corporation uses the weighted-average method in its process costing

Question

10- Bingham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below. Work in process, beginning: Units in beginning work-in-process inventory 400 Materials costs $6,900 Conversion costs $2,500 Percentage complete for materials 80% Percentage complete for conversion 15% Units started into production during the month 6,000 Units transferred to the next department during the month 5,000 Materials costs added during the month $112,500 Conversion costs added during the month $210,300 Ending work in process: Units in ending work-in-process inventory 1,200 Percentage complete for materials 60% Percentage complete for conversion 30% Required: Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.

Explanation / Answer

units started and completed during the year 5200

Ending WIP                                                         1200

Units accounted for                                           6400

Equivalent units for materials

started during and completed                5200(100%)

ending WIP              1200--------                 720(60%)

total                                                           5720 units                   

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