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Tulip, Inc. uses the weighted-average method in its process costing system. The following data concern the operation of the company's first processing department for a
Tulip, Inc. uses the weighted-average method in its process costing system. The following data concern the operation of the company's first processing department for a recent month Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion 400 40% 30% Costs in the beginning work in process inventory: Materials cost Conversion cost $ 1,900 $ 4,600 Units started into production during the month Units completed and transferred out 12,000 12,100 Costs added to production during the month: Materials cost Conversion cost 32,675 S351,800 Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion 300 30% 20% Required: SHOW YOUR WORK! Using the weighted-average method: 1) Determine the equivalent units of production for materials and conversion costs 2) 3) 4) Determine the cost per equivalent unit for materials and conversion costs. Determine the cost of units transferred out of the department during the month. Determine the cost of ending work in process inventory in the department
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