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Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for September follows. Assume that all materials are
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for September follows. Assume that all materials are added at the beginning of its production process, and that conversion costs are added uniformly throughout the process. I have tried several different ways of coming up with the right answer and can not seem to get it. Any help would be much appreciated. Please see all images attached below. It is part 4&5, 6 and 7.
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for September follows. Assume that all materials are added at the beginning of its production process, and that conversion costs are added uniformly throughoutthe process. Work in process inventory September 1 (3,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead includes 175680 $83,000 of direct material cost, $43.000 in directlabor cost $49.080 overhead cost) Units started in April 34.000 Units completed and transferred to finished goods inventory 29.000 Work in process inventory. September 30 units, 100% complete with respect to direct materials, 40% complete with respect to direct labor and overhead) Costs incurred in September Direct materials 435,000 Conversion 371,000 Required: Compute each of the following, assuming HiTest uses the weighted-average method of process costing. (Round Cost per EUP to2 decimal places.) 1. The number of physical units thatwere transferred outand the number thatare in ending work in process inventory Unit Reconciliation Beginning work in 3,000 process Units started this period 34.000 Total unitsto account for 3000 Total units aooounted for Completed and transferred out 29.000 8.000 Ending work in process Total units aooounted for 3000 2&3. The number of equivalent units for materials and conversion for the month. Equivalent Units of Production (EUP) Units Materials EUP-Materials Conversion 100 20.000 100: 20.000 Units completed and transferred out 29.000 8.000 100 8.000 405, 3200 Units ofending workin process 32200 Equivalent units of production
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