need help solving problem Problem 16-3A Weighted Average: Process cost summary:

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need help solving problem

Problem 16-3A Weighted Average: Process cost summary: equivalent units LO Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and conversion costs are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory account has a balance of $94,300 as of October 1. which consisted of $20.100 of direct materials and $74,200 of conversion costs During the month the company incurred the following costs Direct materials Conversion $174.400 962 400 During October, the company started 150,000 units and transferred 160,000 units to finished goods. At the end of the month, the work in process inventory consisted of 24,000 units that were 80% complete with respect to conversion costs. Required: 1. Prepare the company's process cost summary for October using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: Costs of beginning work in process Costs incurred this period Total costs to account for Total costs accounted for 94,300 94.300

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Solution:

Computation of Equivalent unit of Production - Weighted Average Particulars Physical Units Material Conversion Unit completed & Transferred out 160000 160000 160000 Closing WIP: 24000 Material (100%) 24000 Conversion (80%) 19200 Equivalent units of production 184000 184000 179200

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