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

Question

Hache 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:

Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Do not round Cost per equivalent unit.)

Hache 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:

Explanation / Answer

Equivalent Units Flow Of Units Physical Units Direct Material Convesrion Cost Units to be accounted for Beginning work in process inventory July 1 1500 Units started this period 8400 Total u nits to be accounted for   Ans A 9900 Units accounnted for: Completed and transferred out (b) 7600 7600 7600 Ending work in progress inventory© July 31 2300 1150 575 Total units to be accounted for (f)      9900 8750 8175 Flow of Cost in $ Cost in the begnning work in progress inventory 19000 9600 9400 Cost added in current period 219100 91900 127200 Total Cost to be accounted for (e)     238100 101500 136600 Equivalent Units 8750 8175 Cost per equivalent unit (a)    (e/f) 28.3095 11.6 16.7095 Cost accounted for Cost assigned to units transferred out (a*b) 215152 88160.00 126992.05 Cost in ending work in progress inventory (a*c)    Ans 22947.95 13340.00 9607.95 Total Cost accounted for    238100.00 101500.00 136600.00 The cost of ending work in process inventory $22,948 Ans

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