Gibbons Company uses a process cost system and the weighted average method. The company had 400...
Gibbons Company uses a process cost system and the weighted average method. The company had 400 units of product in its work in process inventory at the beginning of the period. During the period 1,500 additional units of product were started. At the end of the period there were 750 units of product in the work in process account. The ending work in process inventory was estimated to be 30% complete. The beginning work in process inventory had a cost of $2,000. Product costs totaling $42,000 were added to work in process during the period. The number of equivalent whole units in ending work in process is:
a: 1275
b: 750
c: 450
d: 225
Homework Answers
Solution :
The Answer is (d) 225
Working :
Equivalent Units in Ending WIP (Weightd Average Method) = Unit in WIP * % of Completion
= 750 * 30%
= 225 Units
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