Determine the cost of the units completed

Assignment Help Accounting Basics

Reference no: EM13824873

Problem-

XYZ makes widgets. Materials are added at the beginning of the process and conversion costs are evenly incurred. At the beginning of October, work in process is 40% complete and at the end of the month it is 60% complete. Other data for the month include:

Beginning work-in-process inventory 1,600 units
Units started 2,000 units
Units moved to finished goods 3,200 units
Conversion costs incurred during the month $200,000
Cost of direct materials incurred during the month $260,000
Beginning work-in-process costs:
Materials $154,000
Conversion $ 82,080

REQUIRED:

1. Determine the cost of the units completed and transferred to finished goods and the ending WIP balance using the weighted average method.

2. Determine the cost of the units completed and transferred to finished goods and the ending WIP balance using the FIFO method.

Additional information-

This problem belongs to Accounting and it discuss about determine the cost of the units completed and transferred to finished goods and the ending WIP balance using the weighted average method.

Reference no: EM13824873

Questions Cloud

Provide a brief overview on each given study : Provide a brief overview on each study including why the researcher pursued the study, the methodology used, and the findings (about 1 ½ typed pages per study).

Reflect on the course materials with specific focus : Reflect on the course materials with specific focus on the last two papers (Sharpe; Modigliani & Miller). Synthesize the key points they're making and consider the challenges of such points in a given context within your environment.

What is groupthink and provide a definition : What is ‘groupthink?' Provide a definition. Choose two of the following historic events to apply the ‘groupthink' approach to: Space Shuttle Disaster of 1986.

How the housing market affects property taxes : how the housing market affects property taxes and, in turn, that affects school district budgets. Property taxes are a major concern at the local government level.

Determine the cost of the units completed : Determine the cost of the units completed and transferred to finished goods and the ending WIP balance using the weighted average method

Explain focus and key environmental factors in operations : Explain Focus and Key Environmental Factors in Operations Management

How would you go about creating a survey design for employee : How would you go about creating a survey design for employees in/of the nonprofit sector? Would you first consider reasons why people enter the nonprofit workplace to begin with?

Particular rules of running a company : Julie wishes to change her personally owned flower business into a corporation - in order to raise a greater amount of capital for an expansion program. June instructs her solicitor to prepare the necessary documents for incorporation whereby she ..

How do different readings approach a similar theme or topic : The mains points are what? Get to some specifics, don't be too general. How do different readings approach a similar theme or topic, but discuss them in different ways.

User Account

All Pages