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Compute the cost of goods amounts

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Reference no: EM131809153

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

Reference no: EM131809153

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