Answered step by step
Verified Expert Solution
Question
1 Approved Answer
TB MC Qu. 4-111 Kurtulus Corporation uses the weighted... Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing
TB MC Qu. 4-111 Kurtulus Corporation uses the weighted...
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.)
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