Current Attempt in Progress Monty Company has the following production data for June: units completed and transferred out, 49,000 and ending work in process inventory, 5,880 units that are 100% complete for materials and 30% complete for conversion costs. Unit materials cost is $5 and unit conversion cost is $7. Determine the costs to be assigned to the units completed and transferred out and the units in ending work in process inventory. Cost assigned to units completed and transferred out Cost assigned to the units in ending work in process inventory Save for Later $ $ Attempts: 0 of 1 used Submit Answer

Current Attempt in Progress Monty Company has the following production data for June: units completed and transferred out, 49,000 and ending work in process inventory, 5,880 units that are 100% complete for materials and 30% complete for conversion costs. Unit materials cost is $5 and unit conversion cost is $7. Determine the costs to be assigned to the units completed and transferred out and the units in ending work in process inventory. Cost assigned to units completed and transferred out Cost assigned to the units in ending work in process inventory Save for Later $ $ Attempts: 0 of 1 used Submit Answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question: Bingham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below. Work in process, beginning: Units in beginning work-in-process inventory 400 Materials costs $6,900 Conversion costs $2,500 Percentage complete for materials 80% Percentage complete for conversion 15% Units started into production during the month 6,000 Units transferred to the next department during the month 5,000 Materials costs added during the month $112,500 Conversion costs added during the month $210,300 Ending work in process: Units in ending work-in-process inventory 1,200 Percentage complete for materials 60% Percentage complete for conversion 30% Required: Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.
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