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Problem 6-14 Equivalent Units; Costing of Inventories; Journal Entries-Weighted-Average Method [LO1, LO2, LO3, LO4] Tambin Inc. produces a gasoline additive that, when added to the
Problem 6-14 Equivalent Units; Costing of Inventories; Journal Entries-Weighted-Average Method [LO1, LO2, LO3, LO4] Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, Is designed to increase gas mileage by 10%. The company's controller suspects that the year-end dollar balances shown below in the Inventory accounts may be Incorrect. There were no finished goods inventorles at the beginning of the year. The company uses the weighted-average method of process costing. There is only one processing department. A revlew of the company's inventory and cost records shows the following: Required: 1. Determine the equivalent units and the costs per equivalent unlt for materlais and conversion for the year. (Round your "Cost per equlvalent unit" answers to 2 decimal places.) 2. Determine the amount of cost that should be assigned to the ending work in process and finished goods Inventorles
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