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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, 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 | 190,000 |
Add: Units in EWIP X Fraction complete: | |
(65,000 X 50%) | 32,500 |
Equivalent units of output (weighted average) | 222,500 |
Less: Units in BWIP X Fraction complete: | |
(10,000 X 60%) | 6,000 |
Equivalent units of output (FIFO) | 216,500 |
The costs that Byford had to account for during the month of November were as follows:
Beginning work in process | $108,000 |
Costs added | 804,250 |
Total | $912,250 |
1. Using the weighted average method, determine unit cost. Round to the nearest cent. $fill in the blank 1per 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 | $fill in the blank 2 |
Cost of ending inventory | $fill in the blank 3 |
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