Question
Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The
Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 70% complete with respect to conversion; the ending work-in-process inventory is 20% complete. The following data pertain to May:
| Units | |||
| Work in process, May 1 | 15,200 | ||
| Units started during May | 61,000 | ||
| Units completed and transferred out | 69,000 | ||
| Work in process, May 31 | 7,200 | ||
| Total | Direct Materials | Conversion Costs | |||||||||
| Costs: | |||||||||||
| Work in process, May 1 | $ | 42,250 | $ | 16,900 | $ | 25,350 | |||||
| Costs incurred during May | 235,230 | 72,400 | 162,830 | ||||||||
| Totals | $ | 277,480 | $ | 89,300 | $ | 188,180 | |||||
Using the weighted-average method of process costing, the total costs remaining in work in process on May 31 are closest to (Do not round intermediate calculations):
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
17th Edition
1119613698, 978-1119613695
