The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 20,600 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $3.40 for materials and $4.90 for labor and overhead, the total cost assigned to the ending work in process inventory was:
$130604 is answer. | |||
Calculated as below: | |||
Determination of the total cost of ending work in process inventory | |||
Equivalent units | Cost per equivalent unit | Total | |
Cost of Ending Work in proces inventory | |||
Materials (100% complete) | 20600 | $3.40 | $70,040 |
Conversion Costs (60% complete) (20600*60%=12360 EUP units) | 12360 | $4.90 | $60,564 |
Cost of Ending Work in proces inventory | $130,604 |
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The Richmond Corporation uses the weighted-average method in its process costing system. The company has only...
The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 20,600 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $3.40 for materials and $4.90 for labor and overhead, the total cost...
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