Total Costs-Weighted Average Method Winnie International produces Product (mathrm{X}) in two departments. Material is added to the
Question:
Total Costs-Weighted Average Method Winnie International produces Product \(\mathrm{X}\) in two departments. Material is added to the process at the beginning of Department 1. Additional material is added halfway through the process in Department 2. The following data is provided for Department 2 for June.
Units completed: 25,000 with current costs as follows: Transferred from Department \(1, \$ 216,000\); materials, \(\$ 252,000\), and conversion, \(\$ 228,000\).
Ending inventory: 6,000 units which were \(1 / 3\) complete as to conversion.
During the month, 24,000 units were transferred from Department 1 . The beginning units in process consisted of 7,000 units which were \(60 \%\) complete as to conversion. The beginning inventory costs consisted of \(\$ 32,000\) of transferred-in costs, \(\$ 48,000\) of materials costs, and \(\$ 42,000\) of conversion costs. Using the weighted average method, compute:
(a) Total cost of Product \(\mathrm{X}\) completed during June; and
(b) Total cost of ending work-in-process inventory at June 30.
Step by Step Answer:
Cost Accounting For Managerial Planning Decision Making And Control
ISBN: 9781516551705
6th Edition
Authors: Woody Liao, Andrew Schiff, Stacy Kline