Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Beginning work in process inventory: | |||
Units in beginning work in process inventory | 800 | ||
Materials costs | $ | 12,900 | |
Conversion costs | $ | 5,000 | |
Percent complete with respect to materials | 75 | % | |
Percent complete with respect to conversion | 20 | % | |
Units started into production during the month | 9,500 | ||
Units transferred to the next department during the month | 8,400 | ||
Materials costs added during the month | $ | 172,000 | |
Conversion costs added during the month | $ | 240,200 | |
Ending work in process inventory: | |||
Units in ending work in process inventory | 1,900 | ||
Percent complete with respect to materials | 90 | % | |
Percent complete with respect to conversion | 30 | % | |
The cost per equivalent unit for materials for the month in the first processing department is closest to:
Multiple Choice
$17.95
$17.01
$16.70
$18.29
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