Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

There are 3 blanks for this homework problem I do not know how to do. The quesetions are bolded with blanks and question marks. Weighted

There are 3 blanks for this homework problem I do not know how to do. The quesetions are bolded with blanks and question marks.

Weighted Average Method, Unit Costs, Valuing Inventories

Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method:

Units completed 196,000
Add: Units in EWIP X Fraction complete (60,000 X 40%) 24,000
Equivalent units of output (weighted average) 220,000
Less: Units in BWIP X Fraction complete (50,000 X 70%) 35,000
Equivalent units of output (FIFO) 185,000

The costs that Byford had to account for during the month of November were as follows:

BWIP $107,000
Costs added 993,000
Total $1,100,000

Required:

1. Using the weighted average method, determine unit cost. per unit ___________??

2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory?

Cost of units transferred out _____________??
Cost of ending inventory______________??

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Acceptance of the key role of people in this process of adaptation.

Answered: 1 week ago

Question

preference for well defined job functions;

Answered: 1 week ago