Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average and FIFO metho Units completed Add: Units in EWIP X Fraction complete: 210,000 (59,000 X 40%) Equivalent units of output (weighted average) Less: Units in BWIP X Fraction complete: (10,000 X 60%) Equivalent units of output (FIFO) The costs that Byford had to account for during the month of November were as follows: Beginning work in process Costs added Total 23,600 233,600 per unit 6,000 227,600 $103,000 1,275,240 $1,378,240 1. Using the weighted average method, determine unit cost. Round to the nearest cent. 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? Cost of units transferred out
Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average and FIFO metho Units completed Add: Units in EWIP X Fraction complete: 210,000 (59,000 X 40%) Equivalent units of output (weighted average) Less: Units in BWIP X Fraction complete: (10,000 X 60%) Equivalent units of output (FIFO) The costs that Byford had to account for during the month of November were as follows: Beginning work in process Costs added Total 23,600 233,600 per unit 6,000 227,600 $103,000 1,275,240 $1,378,240 1. Using the weighted average method, determine unit cost. Round to the nearest cent. 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? Cost of units transferred out
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average and FIFO method:
Units completed
Add: Units in EWIP X Fraction complete:
(59,000 X 40%)
Equivalent units of output (weighted average)
Less: Units in BWIP X Fraction complete:
(10,000 X 60%)
Equivalent units of output (FIFO)
The costs that Byford had to account for during the month of November were as follows:
Beginning work in process
Costs added
210,000
per unit
23,600
233,600
6,000
227,600
$103,000
1,275,240
$1,378,240
Total
1. Using the weighted average method, determine unit cost. Round to the nearest cent.
2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory?
Cost of units transferred out
Cost of ending inventory
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