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

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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.

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