Question

assume a company uses the weighted average method in its processing costing august 1 balance 62000 and materials 310,000 consisted of 6000 units with 40500 in materials during august 48000 units were installed into production consisted of 8000 units that were 100% with respect to mateirals the materials cost included in the refining departement ending work in process inventory is closest to

Answer 1

see explanation

Step-by-step explanation:

Hi, your question is incomplete, I tried to look for it online but I could not find it. Here is an explanation on the steps to solve the problem.

Step 1 : Determine the Total Materials Cost

Total Materials Cost

Opening WIP cost $310,000

Costs added during the period $40500

Total $350,500

Step 2 : Total Equivalent units for materials

Equivalent units for materials = Completed units + Equivalent units in ending work in process inventory.

Step 3 : Unit equivalent cost for materials

Unit equivalent cost = Total Cost ÷ Total equivalent units

Step 4 : ending work in process inventory cost

Ending work in process inventory = Unit equivalent cost x equivalent units in ending work in process with respect to materials