Question

1.

Weighty Steel processes a single type of steel. For the current period the following information is given: Units Material Costs Conversion Costs Beginning Inventory 3,100 $4,800 $5,800 Started During the Current Period 20,400 32,300 78,700 Ending Inventory 3,400 All materials are added at the beginning of the production process. The beginning inventory was 50% complete as to conversion, while the ending inventory was 25% completed for conversion purposes. Weighty uses the weighted average costing method. What is the total cost assigned to the units completed and transferred this period? (Round intermediary dollar amounts to the nearest cent and total costs to the nearest whole dollar.) O A. $91,200 B. $121,600 C. $115,050 D. $112,761

Answer 1

Answer is D. $ 112,761
UNITS TO ACCOUNT FOR:
Beginning Work in Process units			3,100
Add: Units Started in Process			20,400
Total Units to account for:			23,500
UNITS TO BE ACCOUNTED FOR:
Units completed and transferred out		20,100
Ending Work in Process			3,400
Total Units to be accounted for:		23,500
Equivalent Units:
			UNITS	Material Cost	Conversion
				% Completion	Units	% Completion	Units
Units completed and transferred	20100	100%	20,100	100%	20,100
Ending Work in Process	3400	100%	3,400	25%	850
Total Equivalent units	23500		23,500		20,950
TOTAL COST TO ACCOUNT FOR:
				Material		Conversion
Cost f beginning WIP			4800		5800
Cost incurred			32,300		78,700
Total Cost to account for:		37,100		84,500
Equivalent Units			23,500		20,950
Cost per Equivalent unit		1.58		4.03
TOTAL COST ACCOUNTED FOR:
Units completed and transferred out
				Equivalent unit	Cost per EU	Total Cost
Material				20,100	1.58	31758
Conversion Cost			20,100	4.03	81003
Total cost of units transferred out						112761