Question
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
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$300,380.
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$311,180.
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$281,180.
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$308,380.
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