Jimmy Corporation uses the weighted-average method in its process costing system

Question

Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process inventory consists of 9,500 units. The ending work in process inventory is 100% complete with respect to materials. The cost per equivalent unit for the period is S3.75 for material and S1.25 for conversion cost. If the ending balance of work in process inventory account is S41,625, what is the percentage of completion with respect to conversion account? 1 in the ending work in process inventory 14% 86% 51% 63 A. SOD E. None of the above.

Explanation / Answer

Cost included ending inventory for conversion:

= $41,625-9,500×$3.75

= $6,000

Completion of ending inventory %:

= $6,000/9,500

= 63%

Hence, correct option is (D) 63%

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