Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you answer 7 and 8 too.?? QUESTION 7 The Lakeside Company uses a weighted average process costing system. The following data are available: Beginning

can you answer 7 and 8 too.??

image text in transcribed

QUESTION 7 The Lakeside Company uses a weighted average process costing system. The following data are available: Beginning inventory 1,000 units (100% complete as to materials and 50% complete as to labor and overhead); Units started in production 19,000; Units finished during the period 16,000; Units in process at the end of the period (100% complete as to materials and 25% complete as to labor and overhead) 4,000; Costs in beginning inventory were materials of $1,500 and Labor and overhead costs $1,000; Cost added during the period were $35,200 for materials and Labor and overhead costs of $37,400. What is the weighted average value of materials in ending Work in Process Inventory for the period? Round to the nearest $1.00. QUESTION 8 The Lakeside Company uses a weighted average process costing system. The following data are available: Beginning inventory 1,000 units (100% complete as to materials and 50% complete as to labor and overhead): Units started in production 19,000; Units finished during the period 16,000; Units in process at the end of the period (100% complete as to materials and 25% complete as to labor and overhead) 4,000; Costs in beginning inventory were materials of $1,500 and Labor and overhead costs $1,000; Cost added during the period were $35,200 for materials and Labor and overhead costs of $37,400. What is the weighted average cost per EUP of materials for the period? Round to the nearest $.001

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions