Barsoux inc. uses the weighted-average method in its process costing system. The

Question

Barsoux inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Using the weighted-average method: Determine the equivalent units of production for materials and conversion costs. Determine the cost per equivalent unit for materials and conversion costs. Determine the cost of units transferred out of the department during the month. Determine the cost of ending work in process inventory in the department.

Explanation / Answer

Solution.

3. find the cost of units transferred out. It equals $306,020 [= $28.60 × 10,700].

4. Cost of closing WIP

Cost of closing WIP = Costs to be Accounted for Costs Transferred Out

Cost of closing WIP = $309,232 - $306,020 = $3,212.

Let us prepare the quantity schedule. As at 1 December 100 Transferred in 11,000 Units to be accounted for 11,100 Transferred out 10,700 As at 31 December 400 Units accounted for 11,100

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