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true or false: The weighted-average approach to process costing combines the work and costs done in...

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Accounting

true or false: The weighted-average approach toprocess costing combines the work and costs done in prior periodswith the work and costs done in the current period.

Answer & Explanation Solved by verified expert
3.8 Ratings (511 Votes)

--The statement is VERY TRUE.

--While using weighted average process costing and calculating the Cost per Equivalent unit, the cost incurred in prior period for inventory existing as 'beginning WIP' and the cost incurred in the current perod is ADDED together, and the resultant cost is divided by the Equivalent unit computed.

--Example

COST per EUP Material Conversion
Cost of Beginning WIP $          64,996.00 $                                152,785.00
Cost incurred during the period $        190,336.00 $                                232,407.00
Total Costs Costs $        255,332.00 Costs $                                385,192.00
Equivalent units of production EUP 66,320 EUP 86,560
Cost per EUP $              3.85000 $                                      4.45000

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