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TT Corporation uses a weighted-average process costing system to collect costs related to production. The following selected information relates to production for October: Equivalent units:
TT Corporation uses a weighted-average process costing system to collect costs related to production. The following selected information relates to production for October: Equivalent units: Materials Conversion Units completed and transferred out .. 50,000 50,000 Units in process, October 31. 10,000 4,000 Total equivalent units 60,000 54,000 Costs: Materials Conversion Cost in work in process on October 1 . $ 9,000 $ 5,400 Costs added during October ............ $243,000 $513,000 Total cost .. $252,000 $518,400 All materials are 100% complete for materials in both October 1 and October 31 inventory. Conversion costs are 40% complete in October 31 inventory. What total amount of cost should TT assign to the 50,000 units completed and transferred out during October? Multiple Choice Answers: $642,000 $677,500 $690,000 $691,900 $704,400
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