Kurtlus Corporation uses the weighted-average method in its process costing syst

Question

Kurtlus 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:
Beginning work in process inventory:
Units in beginning work 600 in process inventory
Materials costs $7,000
Conversion costs $2,300
Percent complete 55% with respect to materials   
Percent complete with 25% respect to conversion
Units started into 6,500 production during the month
Units transferred 5,700 to the next department during the month   
Material costs $110,100 added during the month
Conversion costs $83,200 added during the month
Ending work in process inventory:
Units in ending work 1,400 in process inventory
Percent complete 70% with respects to materials
Percent complete 55% with respects to conversion
The cost of ending work in process inventory in the first processing department according to the company’s cost system is closest to: nnectmheducat nnecthtm amination for Chapters 15 Help Seve & Kurtulus Corporation uses the weighted average method i month are listed below in its process costing system. Data concerning the first processing department for the most recent Beginning work in process inventory Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion 6e0 7,ee0 2,300 55% 25% Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory 6,580 5,780 $110,100 $ 83,20e Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 1,400 55% The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: Muiltiple Choice re to search

Explanation / Answer

Equivalent unit :

Cost per equivalent unit of material = (7000+110100)/6680 =17.53 per equivalent unit

Cost per equivalent unit of conversion = (2300+83200)/6470 = 13.21 per equivalent unit

Cost of ending work in process = (980*17.53+770*13.21) = $27351

Physical unit % EUP-material % EUP-conversion Units completed 5700 100% 5700 100% 5700 Ending work in process 1400 70% 980 55% 770 Total 7100 6680 6470

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