Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chabud Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1200 units.

Chabud Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1200 units. The costs and percentage completion of these units in beginning inventory were: Material costs--$4700 (cost) and 40% (percent complete); Conversion costs--$2300 (cost) and 25% (percent complete). A total of 10000 units were started and 7000 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Materials costs--$187642 and Conversion costs---$178765. The ending inventory was 75% completed with respect to materials and 40% completed with respect to conversion costs.

1. What is the cost ending work in process inventory in the first processing department according to the company's cost system?

2. What is the total cost transferred from the first processing department to the next processing department during the month?

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 Internal Auditing Pocket Guide Preparing Performing Reporting And Follow Up

Authors: J.P. Russell

2nd Edition

1636941303, 978-1636941301

More Books

Students also viewed these Accounting questions