Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ford company uses the weighted average method in its process costing system. The company has only a single processing department. The company's ending work in

image text in transcribed
Ford company uses the weighted average method in its process costing system. The company has only a single processing department. The company's ending work in process Inventory consisted of 36,000 unlts. The units in the ending work in process were 50% complete with respect to materials and 30% complete with respect to labor and overhead. If the costs per equivalent unit for the current perlod were $5.50 for materials and $8.50 for labor and overhead, the total cost assigned to the ending work In process Inventory should have been A. $151,200 B. $160,200 C. $252,000 D. $ 190,800 E. Some other amount which was $ - The beginning inventory in the Milling Department consisted of 10,000 units 50% complete for materials and 60% complete for conversion. The total cost of the beginning inventory $60,000. During the month, 50,000 units were transferred out of this department. The equivalent unit cost was computed as $4 for materlals and $7.40 for conversion costs under the weighted average method. The total cost of the units completed and transferred out of this department would have been computed as: A. $480,000 B. $510,000 C. $540,000 D. $570,000 Using the data from #19, there were 1,000 units in the ending inventory which were 70% complete for materials and 40% for conversion, the amount of material costs in the ending inventory balance would have been: A. $1200 B. $2800 C. $2960 D. $5740 E. Some other amount which would be $

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

Accounting For Business

Authors: Peter Scott

2nd Edition

0198719868, 9780198719861

More Books

Students also viewed these Accounting questions

Question

What are the functions of top management?

Answered: 1 week ago

Question

Bring out the limitations of planning.

Answered: 1 week ago

Question

Why should a business be socially responsible?

Answered: 1 week ago

Question

Discuss the general principles of management given by Henri Fayol

Answered: 1 week ago

Question

What is nonverbal communication?

Answered: 1 week ago