Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Acklac Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units.

Acklac Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units. The costs and percentage completion of these units in beginning inventory were

Cost Percent Complete
Material Costs 12,000 65%
Conversion Costs 2,000 10%

A total of 9,200 units were started and 8,300 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:

Material Costs 200,800
Conversion Costs 225,500

The ending inventory was 75% complete with respect to materials and 15% complete with respect to conversion costs. Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.

What are the equivalent units for conversion costs for the month in the first processing department? A. 8,300 B. 240 C. 9,900 D. 8,540

The cost per equivalent unit for materials for the month in the first processing department is closest to: A. $22.40 B. $20.28 C. $21.14 D. $21.49

The cost per equivalent unit for conversion costs for the first department for the month is closest to: A. $26.64 B. $26.41 C. $27.97 D. $22.98

The total cost transferred from the first processing department to the next processing department during the month is closest to: A. $485,486 B. $407,024 C. $426,300 D. $440,300

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: A. $33,273 B. $11,769 C. $78,462 D. $58,847

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

Financial Accounting Financial Accounting Acc 201 College Of Southern Nevada

Authors: Weygandt. Kimmel. Kieso

13th Edition

1118742966, 978-1118742969

More Books

Students also viewed these Accounting questions

Question

=+ What should be tested for in the selection process?

Answered: 1 week ago