Weighted average method - work in progress, Cost Accounting

Assignment Help:

Weighted Average Method - Work in Progress

While this method is employed, all costs of production are considered in assigning costs to inventory. The method puts together opening work in production inventory costs and cost of process. It mixes the costs of previous period along with those of recent period in determining costs per unit.

Beneath this method, equivalent units are calculated given as:

Equivalent Units = Units completed and Transferred + Ending work in progress inventory: (percent (%) completion)

Cost per Equivalent Unit = Previous Period costs + Current period costs                                           

In beginning working process /Equivalent units of work done

Beneath weighted average approach, we do not differentiated the "units started and completed in the current period" from the 'units completed and transferred ' and the 'Ending working period'.


Related Discussions:- Weighted average method - work in progress

Contemporary Management accounting issue, Hello, I am writing a report ab...

Hello, I am writing a report about a contemporary management accounting issue, and i can''t really seem to understand the guidelines well. What kind of topic can i use to write a

Calculate the weighted average cost of capital, A company is investigating ...

A company is investigating the effect on its cost of capital with respect to the tax rate. Suppose there is a capital structure of 20% debt, 10% preferred stock, and 70% common sto

Cost classifications and estimation, Cost Classifications and Estimation ...

Cost Classifications and Estimation Cost classification may be defined like 'the arrangement of cost items in a logical sequence having concern to their nature and reason to b

Calculate the loss in consumer surplus, (a) Calculate the number of US impo...

(a) Calculate the number of US imports with and without the tariff. (b) Calculate the dead weight loss of the tariff. (c) Calculate the loss in consumer surplus resulting fro

Calculate the cost of job - manufacturing overhead, Cube Manufacturing bega...

Cube Manufacturing began two jobs during May 200X. The company had no beginning inventory. The following information is available:

Typical causes of material variances, Typical Causes of Material Va...

Typical Causes of Material Variances Price Variances a) Paying lower or higher prices than planned. b) Losing or gaining quantity discounts via buying in large

Determine firms short run cost curve, Q. A firm uses capital and labor to p...

Q. A firm uses capital and labor to produce a single output good. The production function is given by F(K, L) = K 2 L where K is the amount of capital and L is the amount of labo

Direct labour budget, Direct Labour Budget It represents the forecasts...

Direct Labour Budget It represents the forecasts of indirect and direct labour requirements to meet the demands of the company throughout the budget period. Therefore the budg

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd