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I have done part of the question, but I do not know how to complete it Problem 4-25 Step-by-Step Weighted-Average Process Costing (LO 4-3, 4-4,
I have done part of the question, but I do not know how to complete it
Problem 4-25 Step-by-Step Weighted-Average Process Costing (LO 4-3, 4-4, 4-5) The following information applies to the questions displayed below. Timing Technology, Inc. manufactures timing devices. During 20x1,2,000,000 units were completed and transferred to finished-goods inventory. On December 31, 20x1, there were 370,000 units in work in process. These units were 46 percent complete as to conversion and 100 percent complete as to direct material. Finished-goods inventory consisted of 700,000 units. Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 100 percent of direct-labor costs. There was no finished-goods inventory on January 1, 20x1 A review of the inventory cost records disclosed the following information Costs Units Materials Labor Work in process, January 1, 20x136,ee 320,ee8 320,40e (82% complete as to conversion) Units started in production Direct-material costs Direct-labor costs 2,010,9ee $5,131,eee $4,562,55e Required: 1. Complete the following schedule as of December 31, 20x1, to compute the physical flow of units ork in process, 1/1/x1 Units started during 201 Physical Units 360,000 2,010,000 Total units to account for 2,370,000 Units completed and transferred out during 20x1 2,000,000 Total units accounted for 2,000,000Step by Step Solution
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