I KNOW THE ANSWER IS .76 BUT I DONT KNOW HOW TO GET THERE PLEASE HELP! I NEED A

Question

I KNOW THE ANSWER IS .76 BUT I DONT KNOW HOW TO GET THERE PLEASE HELP! I NEED A STEP BY STEP PROCESS OR I WILL NOT RATE! THANK YOU!! :)

The following information pertains to Yap Company's Grinding Department for the month of April:

All materials are added at the beginning of the process. Using the weighted-average method, the cost per equivalent unit for materials is closest to:

Units Materials Costs Beginning work in process 27,000 $23,500 Started in April 47,500 $33,000 Units completed and transferred out 55,500 Ending work in process 19,000

Explanation / Answer

Hi,

Please find the answer as follows:

Cost per equivalent unit for materials = Total Material Cost/Total Units Complete and Transferred + Ending WIP)

= (23500 + 33000)/(55500 + 19000) = .758 or .76

Thanks.

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