Question
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______________?? |
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