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
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 materials cost included in the Refining Departments ending work in process inventory is closest to:
Multiple Choice
25968
27986
22968
28968
Answer & Explanation
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