Process Costing Using Weighted average method?

Question

Work in process, July 1 (60% complete) 5,000

Direct materials $12,000

Conversion 18,000

Total work in process, July 1 $30,000

Started in production during July 20,000

Costs added:

Direct materials $36,000

Conversion 52,000

Total costs added during July $88,000

Work in process, July 31, (40% complete) 2,000

Questions.

a. cost per equivalent unit of production for materials using the weighted average method would be?

b. cost per equivalent unit of production for conversion using the weighted average method would be?

c. cost of goods transferred out using the weighted average method would be?

d. cost of ending work in process using the weighted average method would be?

Answer 1

Rounded results.

a.  $2.0168

b.  $2.9412

c.  $114,034

d.  $3,966

EU = 23,000 + (2000*0.4) = 23,800 unit

Total Cost  = 30,000 + 88,000 = 118,000

Cost/ EU = Total cost/ EU

The rest just a simple calculation.