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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.
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