***I need to know HOW TO SOLVE this. Thanks Sumter Company uses the weighted-ave
ID: 2386904 • Letter: #
Question
***I need to know HOW TO SOLVE this. ThanksSumter Company uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month
Work in process, beginning:
Units in process...6,000
Percent complete with respect to materials...60%
Percent complete with respect to conversion...20%
Costs in the beginning inventory:
Materials cost...$78,200
Conversion cost...$3,600
Units started during the month...?
Units completed and transferred out during the month...70,000
Costs added to production during the month:
Materials cost...$286,600
Conversion cost...$216,000
Work in process, ending:
Units in process...8,000
Percent complete with respect materials...75%
Percent complete with respect to conversion...25%
How much cost, in total, was assigned to the units transferred out to the next department during the month?
Explanation / Answer
units completed , transfered ------------- 70,000
work in process (beginning)---------------------- 6,000
work in process(ending) -------------------- 8,000
units into production ---------------------------- 72,000
materials conversion
units transfered 70,000 70,000
work in process(ending) 6,000 2,000
equivalent units of pro duction 76,000 72,000
cost of work in process(beginning) 78,200 3,600
cost added during that period 286,600 216,000
total cost (a) 364,800 219,600
equivalent units of pro duction(b) 76,000 72,000
cost per equivalent unit(a) / (b) 4.80 $3.05
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