Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. assume a company uses the weight-average method in

Assume a company uses the weight-average method in its process costing. Its Work in Process...

60.1K

Verified Solution

Question

Accounting

Assume a company uses the weight-average method in its process costing. Its Work in Process T-account for the Refining Department for August is:

Work in Process: Refining Department
Debit Credit
August 1 balance 62,000 Completed and transferred to Finished Goods ?
Materials 310,000
Direct labor 72,000
Overhead 181,000
August 31 balance ?

The August 1 work in process inventory consisted of 6,000 units with $40,000 in materials cost and $22,000 in conversion cost. The August 1 work in process inventory was 100% complete with respect to materials and 40% complete with respect to conversion. During August 48,000 units were started into production. The August 31 work in process inventory consisted of 8,000 units that were 100% with respect to materials and 60% complete with respect to conversion. The cost per equivalent unit for conversion is closest to:

A) $7.71.

B) $7.21.

C) $6.71.

D) $5.41.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

At a given latitude, ocean water in the so-called \"mixed layer\" (from the surface to a...

Physics
Q

A building has a calculated cooling load of 10 tons, of which 2.5 tons is latent...

Mechanical Engineering
Q

A stone is dropped into a river from a bridge at a height h above the...

Physics
Q

Snuggle fabric softener marketing mix of promotion in the US. Explain all the promotion mix elements...

General Management
Q

Your textbook outlines several techniques to gain your reader's attention in the opening of a persuasive...

Accounting
Q

More than 60 different mutant PAH genes have been identified in PKU patients State in...

Biology
Q

DNA Rep Directions Drag the cards below to fill in the blanks in the paragraph...

Biology
Q

The Logan Company is purchasing the Nylon Sail...

Accounting
Q

A bank loaned out $11,500, part of it at the rate of 14% annual interest,...

Accounting
Q

Exercise 4-21 (Algo) Statement of cash flows; direct method [LO4-8] Presented below is the 2021...

Accounting
Q

Garden Catering provides catering to downtown offices. The company estimated there will be $50,600 in...

Accounting
Q

Required information [The following information applies to the questions displayed below.) Sweeten Company had no...

Accounting