Ok Corporation uses the weighted-average method in its process costing. The foll

Question

Ok Corporation uses the weighted-average method in its process costing. The following data concern the company's Assembly Department for the month of June.

  

  

During the month, 8,500 units were completed and transferred from the Assembly Department to the next department.

   

Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method. (Omit the "$" sign in your response.)

   

Materials Conversion   Cost per equivalent unit $ 32.70      $ 28.40         Equivalent units in ending work in process 1,650      650      

Explanation / Answer

Cost of Units completed and transfered out : Units transfered out * Total equivalent cost per unit

                                                         = 8500 * (32.7 +28.4)

                                                        = 8500 * 61.1

                                                       = $ 519,350

cost of ending WIP= (1650*32.7)+(650*28.4)

                           = 53955 + 18460

                          = $ 72415

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