Question
I tried to solve this exercise but a lot of things are wrong. Exercise 3-20 Weighted average: Process cost summary LO C3 Hi-Test Company uses
I tried to solve this exercise but a lot of things are wrong. Exercise 3-20 Weighted average: Process cost summary LO C3
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. |
Work in process inventory, September 1 (4,500 units, 100% complete with respect to direct materials, 70% complete with respect to direct labor and overhead; includes $65,500 of direct material cost, $33,100 in direct labor cost, $36,645 overhead cost) | $ | 135,245 |
Units started in April | 30,500 | |
Units completed and transferred to finished goods inventory | 25,500 | |
Work in process inventory, September 30 (? units, 100% complete with respect to direct materials, 30% complete with respect to direct labor and overhead) | ? | |
Costs incurred in September | ||
Direct materials | $ | 400,000 |
Conversion | $ | 347,000 |
Required: |
Compute each of the following, assuming Hi-Test uses the weighted-average method of process costing.(Round "Cost per EUP" to 2 decimal places.) |
1. | The number of physical units that were transferred out and the number that are in ending work in process inventory. |
2&3. | The number of equivalent units for materials and conversion for the month. |
4&5. | The cost per equivalent unit of materials and conversion for the month. |
6. | The total cost of goods transferred out. |
7. | The total cost of ending work in process inventory. |
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