Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hello, this is a Managerial Accounting question and the questions are correlated with each other. Thanks! Escoffier Corporation uses the weighted average method in its
Hello, this is a Managerial Accounting question and the questions are correlated with each other. Thanks!
Escoffier Corporation uses the weighted average method in its process costing system. This month, the beginning Work-in-Process inventory in the first department consisted of 500 units. The costs and percentage completion of these units in beginning Work-in-process inventory were: Materials costs Conversion costs Cost $11,400 $2,200 Percent Complete 80% 10% A total of 5,000 units were started and 4,400 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 Conversion costs. $112,200 $178,400 The ending Work-in-process inventory in the first department was 85% complete with respect to materials and 25% complete with respect to conversion costs. Answer the following questions in the space provided on the next page. Show your work. (1) How many units of products were completed and transferred out this month? (2) How many units are still in the ending Work-in-process inventory at the end of this month? How many equivalent units were produced in terms of Materials Costs this month? (3) (4) How many equivalent units were produced in terms of Conversion Costs this month? What is cost per equivalent unit for Material Cost Conversion Cost What is the total cost transferred from the first processing department to the next processing department during the month? What is the balance in Work-in-process inventory in the first department at the end of this month? (5) (6)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started