Question: Robert & Linda Company follow the Weighted-Average method for inventory valuation and started the period with Work-in-Progress (WIP) Inventory of 1100 units. Direct Materials

Robert & Linda Company follow the Weighted-Average method for inventory valuation and

Robert & Linda Company follow the Weighted-Average method for inventory valuation and started the period with Work-in-Progress (WIP) Inventory of 1100 units. Direct Materials (DM) costs and Conversion Costs (CC) in the beginning WIP Inventory are $585 and $740 respectively. During the period, an additional 4070 units having $2000 of DM costs and $2524 of CC were added to the WIP Inventory. Total equivalent units of work done for DM and CC were 5170 units and 4800 units in that order. At the end of the period, the company had 300 units in ending inventory that were 100% complete with respect to DM and 20% complete with respect to CC. Calculate the total cost of units completed and moved out of the WIP Inventory.

Step by Step Solution

★★★★★

3.44 Rating (141 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate the cost of units completed and moved out of the WIP Inventory we need to find the equi... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Refer to Exercise 28. Prepare a production cost report for Southwest Corporation for the month of April using the format shown in Figure 4.9. In Exercise 28 Southwest Corporation uses the weighted...

Jennings Company uses the weighted average method for its process costing system. The Molding department at Jennings began January with 80,000 units in work-in-process inventory, all of which were...

Process costing becomes more complicated when there are both beginning and ending work in process (BWIP and EWIP) inventories. The costs stored in BWIP were incurred during the prior period. A...

Bonavista Quality Ltd. manufactures granite countertops for residential and commercial markets. The company operates two departments, mixing and packaging. This problem focuses strictly on the...

Yomasca Inc. manufactures various Halloween masks. Each mask is shaped from a piece of rubber in the molding department. The masks are then transferred to the finishing department, where they are...

Exercise 18.11 is an extension of Exercise 18.10. The following information pertains to May activity in Accessory Worlds Coating Department: a. Compute how many cut mat sets were started in the...

LDR Manufacturing produces a pesticide chemical and uses process costing. There are three processing departments - Mixing, Refining, and Packaging. On January 1, 2012, the Refining Department had...

Weighted-average method, assigning costs. Bio Doc Corporation is a biotech company based in Milpitas. It makes a cancer-treatment drug in a single processing department. Direct materials are added at...

Transferred-in costs, weighted average method (related to 17-30 to 17-32). Larsen Company, as you know, is a manufacturer of car seats. Each car seat passes through the Assembly Department and...

Physical units, inspection at various levels of completion, weighted-average process costing report. Lester Company makes metal products and has a forging department. In this department, materials...

Online University Registration (OUR) System Universities nowadays have their own online registration system to facilitate the course registration process where each student can use it to register for...

A particle of mass m is projected from point A with an initial velocity v0 perpendicular to OA and moves under a central force F along an elliptic path defined by the equation r = r0/(2 ?? cos)....

Who did Johnson's Proclamation of Amnesty exclude?southerners with taxable property above \ ( \ $ 2 0 , 0 0 0 \ ) the freedmen who served in the Union armythe small farmers who served in the...

The trial balance of Harmonica Ltd at 31 December 20X1 is given below. Additional information 1. Closing inventory amounted to 5m. 2. A review of the trade receivables total of 6.9m showed that it...

If the AQL is 0.1 and the LTPD is 0.25 in the sampling plan given in Exercise 5.92, find the producers and consumers risks.

Office Automation, Inc., developed a proposal for introducing a new computerized office system that will improve word processing and interoffice communications for a particular company. Contained in...

The trial balance of the Federal Antiquities Administration, as of August 31, 2017, follows: Required Prepare a statement of budgetary resources for the 11 months ended August 31, 2017, assuming that...

1. Compute earnings per share (EPS) for 2016 for Shines. Round to the nearest cent. 2. Compute Shines Companies price/earnings ratio for 2016. The market price per share of Shines stock is $65.50. 3....

Identify the stakeholders in the Boeing 737 Max issue and explain how different stakeholders were harmed by Boeings decision to withhold safety information about MCAS. Further, please discuss the...

help please ASAP MY NOTES 19. [-/9 Points] DETAILS The college Physical Education Department offered an Advanced First Aid course last summer. The scores on the comprehensive final exam were normally...

in answer A, plan (c), why is 55,000 based on Remainder equally? 15.4 A partnership is formed by Robert investing 3150 050 and Linda investing at! 000. The partners are considering the foiiowing...

input_names.txt is a file containing names. The first line is the total number of names containing in this file, this number won't exceed 100. From second line, each line has a name followed by a...

Bob's Building, LLC (hereinafter "BB") is a company that provides training and supplies to general contractors and other individuals in the building industry. BB began its operations in 2015. The...

The following data pertain to the marketable securities of Patterson Company for the year 2013. a) Jan. 2, purchased 250 shares of Lucy Company at $18 per share. b) Feb. 1, Lucy Company declared...

2. The following data pertain to the marketable securities of Patterson Company for the year 2013. a) Jan. 2, purchased 250 shares of Lucy Company at $18 per share. b) Feb. 1, Lucy Company declared...