Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

68) Assume a company uses the weight-average method in its process costing. Its Work in Process T-account for the Refining Department for August is: Work

68)

Assume a company uses the weight-average method in its process costing. Its Work in Process T-account for the Refining Department for August is:

Work in Process: Refining Department
August 1 balance 62,000 Completed and transferred to Finished Goods ?
Materials 310,000
Direct labor 72,000
Overhead 181,000
August 31 balance ?

The August 1 work in process inventory consisted of 6,000 units with $42,500 in materials cost and $19,500 in conversion cost. The August 1 work in process inventory was 100% complete with respect to materials and 40% complete with respect to conversion. During August 48,000 units were started into production. The August 31 work in process inventory consisted of 8,000 units that were 100% with respect to materials and 60% complete with respect to conversion. The materials cost included in the amount transferred from the Refining Department to Finished Goods is closest to:

Multiple Choice

  • $300,380.

  • $311,180.

  • $281,180.

  • $308,380.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Process Principles Practice And Cases

Authors: Iain Gray, Louise Crawford, Stuart Manson

7th Edition

1473760186, 9781473760189

More Books

Students also viewed these Accounting questions

Question

What obstacles interfere with eff ective listening?

Answered: 1 week ago