Bims Corporation uses the weighted-average method in its process costing system.
ID: 2546665 • Letter: B
Question
Bims Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 2,000 units in its beginning work in process inventory that were 70% complete with respect to conversion costs. An additional 61,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 18,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs.
What were the equivalent units for conversion costs in the Assembly Department for the month?
A) 45,000
B) 77,000
C) 54,400
D) 55,800
The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was:
A) $126,000
B) $75,600
C) $80,100
D) $95,400
In July, one of the processing departments at Okamura Corporation had beginning work in process inventory of $13,000 and ending work in process inventory of $18,000. During the month, the cost of units transferred out from the department was $148,000. In the department's cost reconciliation report for July, the total cost to be accounted for under the weighted-average method would be:
A) $31,000
B) $119,000
C) $132,000
D) $166,000
Explanation / Answer
As per chegg guidelines we answer one question per post. But I have answered multiple questions. Kindly post remaining questions in next post Q1 D) 55,800 Statement of Equivalent production Particulars Conversion costs %completion Equivalent Conversion Opening WIP 2,000.00 100% 2,000.00 Units started and completed (61000-18000) 43,000.00 100% 43,000.00 ending WIP 18,000.00 60% 10,800.00 Equivalent Units 55,800.00 Q2 D) $95,400 Statement of Equivalent production Particulars Direct Materials %completion Equivalent mat Conversion %completion Equivalent Conv Total Ending WIP 18,000.00 100% 18,000.00 18,000.00 60% 10,800.00 Equivalent Units of Ending WIP 18,000.00 10,800.00 Cost per Equivalent units 2.75 4.25 Cost of Ending WIP 49,500.00 45,900.00 95,400.00
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