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FINANCIAL ACCOUNTING
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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Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (40,000 units): Direct materials (92% completed) Conversion (58% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (92% completed) Conversion (58% completed) Cost incurred during July: Direct materials Conversion costs Multiple Choice The cost of goods completed and transferred out under the weighted-average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) $690,30 $587510 $ 122,800 77,250 $ 200,050 94,000 109,200 24,800 $579.852 $ 184,000 292,000
Transcribed Image Text:Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (40,000 units): Direct materials (92% completed) Conversion (58% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (92% completed) Conversion (58% completed) Cost incurred during July: Direct materials Conversion costs Multiple Choice The cost of goods completed and transferred out under the weighted-average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) $690,30 $587510 $ 122,800 77,250 $ 200,050 94,000 109,200 24,800 $579.852 $ 184,000 292,000
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