Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Percent Cost Complete Materials costs Conversion costs $10,600 $12,800 65% 30% A total of 8,500 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs Conversion costs $142,100 $359,500 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Do not round intermediate calculations.)

Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Percent Cost Complete Materials costs Conversion costs $10,600 $12,800 65% 30% A total of 8,500 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs Conversion costs $142,100 $359,500 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Do not round intermediate calculations.)

Name: Gunes Corporation uses the weighted-average method in its process cos
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Description: Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the firstprocessing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....

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