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Kurtulus 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:
Kurtulus 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 | 700 |
Materials costs | $ 7,100 |
Conversion costs | $ 2,400 |
Percent complete with respect to materials | 55% |
Percent complete with respect to conversion | 25% |
Units started into production during the month | 6,600 |
Units transferred to the next department during the month | 5,800 |
Materials costs added during the month | $ 110,200 |
Conversion costs added during the month | $ 83,300 |
Ending work in process inventory: | |
Units in ending work in process inventory | 1,500 |
Percent complete with respect to materials | 70% |
Percent complete with respect to conversion | 55% |
The cost of ending work in process inventory in the first processing department according to the companys cost system is closest to: (Round "Cost per equivalent unit" to 3 decimal places. Round "Cost of ending work in process inventory" to the nearest whole dollar amount.)
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