Question
HI-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at
HI-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 2,000 100% 80% Completed and transferred out 23,000 100% 100% Ending work in process inventory 7,000 100% 40% Beginning work in process Direct materials $45,000 Conversion 56,320 $101,320 Costs added this period Direct materials 375,000 Conversion 341,000 716,000 Total costs to account for $817,320
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