Problem
Raleigh Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data pertain to the Weaving Department for the month of November.
Equivalent units of direct material (weighted-average method) 70,000
Equivalent units of conversion (weighted-average method) 64,000
Units completed and transferred out during November 62,000
The cost data for November are as follows:
Work in process, November 1
Direct material $ 103,240
Conversion 52,728
Costs incurred during November
Direct material $ 246,760
Conversion 356,872
There were 30,000 units in process in the Weaving Department on November 1 (100% complete as to direct material, and 40% complete as to conversion).
Required:
Compute each of the following amounts using weighted-average process costing.
1. Cost of goods completed and transferred out of the Weaving Department