Assignment: Managerial Accounts- Process Costing Using Weighted Average
Process Costing using Weighted Average Timberline Associates uses the weighted-average method in its process costing system. The following data are for the first processing department for a recent month: Work in process, beginning:
Units in process........................................................ 2,400
Percent complete with respect to materials.............. 75%
Percent complete with respect to conversion ........... 50%
Costs in the beginning inventory:
Materials cost ........................................................... $8,400
Conversion cost........................................................ $7,200
Units started into production during the month........... 20,800
Units completed and transferred out ........................... 22,200
Costs added to production during the month:
Materials cost ........................................................... $97,400
Conversion cost........................................................ $129,600
Work in process, ending:
Units in process........................................................ 1,000
Percent complete with respect to materials.............. 80%
Percent complete with respect to conversion ........... 60%
Required:
• Determine the equivalent units of production.
• Determine the costs per equivalent unit.
• Determine the cost of ending work in process inventory.
• Determine the cost of the units transferred to the next department.
Format your assignment according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the assignment, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.