progressive company produces one product in a process-costing system involving s

Question

progressive company produces one product in a process-costing system involving several departments. the first department's costs and output for the month of april are asfollows:units:

beginning wip *15,000units

started during april 140,000 units

completed during april 120,000

units sending wip **35,000units

costs:

beginning wip:direct materials$25,750

conversion costs 3,225 $28,975

direct materials added in current month 168,000

conversion costs in current month 186,000

total costs to account for$382,975

* 100% completed for materials, 40% completed for conversion costs*

* 100% completed for materials, 30% completed for conversion costs

required:compute the cost of work completed and the cost of the ending work-in-process inventory using the weighted-average method.

Explanation / Answer

Solution:

Computation of Equivalent unit of Production - Weighted Average (First Department) Particulars Physical Units Material Conversion Unit completed & Transferred out 120000 120000 120000 Closing WIP: 35000 Material (100%) 35000 Conversion (30%) 10500 Equivalent units of production 155000 155000 130500

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