$1.654 $1.752 $1.490 $1.499 Parmentier Company uses the weighted-average method
ID: 2379967 • Letter: #
Question
$1.654 $1.752 $1.490 $1.499 Parmentier Company uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $5,096 and a total of $87,668 in conversion costs were incurred in the department during January. What was the cost per equivalent unit for conversion costs for January in the Molding Department?Explanation / Answer
Equivalent Units = 51300*100% + 5500*30% = 52950
Total Conversion Cost = opening WIP + Additional conversion costs were incurred in the department during the month= 5096+ 87668 = $92764
Cost per equivalent unit = Total Conversion Cost/Equivalent Units = 92764/ 52950 =1.752
Correct Answer: $1.752
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