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Hi-T Company uses the weighted average method of process costing. Information for the companys first...

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Accounting

Hi-T Company uses the weighted average method of process costing. Information for the companys first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process.
Units Direct Materials Conversion
Percent Complete Percent Complete
Beginning work in process inventory 5,500100%70%
Completed and transferred out 31,500
Ending work in process inventory 10,500100%30%
Beginning work in process
Direct materials $ 77,600
Conversion 121,030 $ 198,630
Costs added this period
Direct materials 460,000
Conversion 371,000831,000
Total costs to account for $ 1,029,630
Compute the equivalent units of production for both direct materials and conversion.
Compute the cost per equivalent unit for both direct materials and conversion.
Assign costs to the departments outputspecifically, to the units transferred out and to the units in ending work in process inventory.

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