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help please!! Problem - Process Costing A producer of magical widgets, Brakebills, Inc. uses a process costing system. The following information pertains to operations for
help please!!
Problem - Process Costing | ||||
A producer of magical widgets, Brakebills, Inc. uses a process costing system. The following information pertains to operations for the month of April | ||||
Percentage Complete | ||||
Units | Direct Materials | Conversion | ||
Beginning Work in Process Inventory, April 1 | 18,000 | 60% | 20% | |
Started in production during April | 98,000 | |||
Ending Work in Process Inventory | 23,000 | 75% | 40% | |
Beginning Work in Process Inventory Costs: | ||||
Material | $17,800 | |||
Conversion | $18,900 | |||
Current Period Costs: | ||||
Material | $753,950 | |||
Conversion | $1,105,300 | |||
REQUIRED Using he weighted-average method, answer the following questions: | ||||
1. How many units were completed and transferred to finished goods? | ||||
2. What are the total equivalent units for each cost component? | ||||
3. What is the cost per equivalent unit for each cost component? | ||||
4. What is the cost transferred to Finished Goods Inventory? | ||||
5. What is the cost of ending WIP inventory? | ||||
6. If there was no beginning finished goods inventory for April and 78,000 units were sold in April how much is COGS? |
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