Question - Weighted Average Method, Unit Cost, Valuing Inventories
Cassien Inc. manufactures products that pass through two or more processes. During June, equivalent units were computed using the weighted average method:
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Units completed
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87,000
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Units in EWIP X Fraction complete (36,000 X 60%)
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21,600
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Equivalent units of output
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108,600
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June's costs to account for are as follows:
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|
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BWIP (10,000 units, 80% complete)
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$8,000
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Materials
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143,000
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Conversion costs
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64,000
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Total
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$215,000
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Required:
1. Calculate the unit cost for June using the weighted average method. Round your answer to the nearest cent.
2. Using the weighted average method, determine the cost of EWIP and the cost of the goods transferred out. If required, round unit cost to the nearest cent in intermediate calculations and final answers to the nearest dollar.