Q5The Assembly Department uses a weighted-average process costaccounting system. The department adds materials at...Q5The...

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Accounting

Q5
The Assembly Department uses a weighted-average process costaccounting system. The department adds materials at the beginningof the process and incurs conversion costs uniformly throughout theprocess. During July, $190,000 of materials costs and $135,500 inconversion costs were charged to the department. The beginning workin process inventory was $93,000 on July 1, comprised of $80,000 ofmaterials costs and $13,000 of conversion costs.
Other data for the month of July are as follows:
Beginning workin process inventory, 7/1 25,000units (40%complete)
Units completedand transferred out 90,000units
Ending work inprocess inventory, 7/31 30,000units (30%complete)
What is the total cost of the July 31 Work In ProcessInventory?

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Answer All working forms part of the answer Workings Units Reconciliation Units to account for Beginning WIP 25000 Units started this period 95000 Total Units to account for 120000 Total See Answer

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In: AccountingQ5The Assembly Department uses a weighted-average process costaccounting system. The department adds materials at...Q5The Assembly Department uses a weighted-average process costaccounting system. The department adds materials at the beginningof the process and incurs conversion costs uniformly throughout theprocess. During July, $190,000 of materials costs and $135,500 inconversion costs were charged to the department. The beginning workin process inventory was $93,000 on July 1, comprised of $80,000 ofmaterials costs and $13,000 of conversion costs.Other data for the month of July are as follows:Beginning workin process inventory, 7/1 25,000units(40%complete)Units completedand transferred out90,000unitsEnding work inprocess inventory, 7/3130,000units(30%complete)What is the total cost of the July 31 Work In ProcessInventory?

Beginning workin process inventory, 7/1	25,000units	(40%complete)
Units completedand transferred out	90,000units
Ending work inprocess inventory, 7/31	30,000units	(30%complete)