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Copley uses a weighted-average process-costing system. All materials are added at the beginning of the process; conversion costs are incurred evenly throughout production. The company finished 40,000 units during the period and had 15,000 units in progress at year-end, the latter at the 40% stage of completion. Total material costs amounted to $220,000; conversion costs were $414,000.
Problem 1: The cost of goods completed is:
A. $312,000.B. $414,000.C. $520,000.D. $160,000. Problem 2: The cost of the ending work in process is:
A. $54,000.B. $78,000.C. $114,000.D. $60,000.
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