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What given information is relevant to the weighted average process costing method and what formulas are used? The Assembly Department uses a process cost accounting
What given information is relevant to the "weighted average" process costing method and what formulas are used?
The Assembly Department uses a process cost accounting system. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. During May, $930,000 of materials costs and in conversion costs were debited to work-in-process. The beginning work in process inventory on May I was comprised of $320,000 of materials costs and $1 of conversion costs. The company employs the weighted-average method of process costing. Other data for the month of May are as follows: Beginning work in process inventory, 5/1 Units started in May Ending work in process inventory, 5/31 Instructions 7 , 500 units (60% complete) 42,500 units 12,000 units (30% complete) Answer the following questions and show computations to support your answers. 2. 3. 4. What were the equivalent units of materials and conversion costs during May? What were the costs per equivalent units for materials and conversion costs in May? What costs were assigned to ending work-in-process on May 31 ? What costs were transferred out Of the Assembly Department in May?
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