Popov Co. uses the weighted average process costing method. Direct materials are added at the beginning of the production process, and conversion costs are incurred uniformly over the production process. Units are inspected when they are 50% complete with respect to conversion. The company began September with 3,000 units in WIP that were 40% complete with respect to conversion, valued at $50,000 for materials and $70,000 for conversion. 20,000 units were added into WIP in September. Popov Co. ended September with 4,000 units in WIP (80% complete with respect to conversion) and 18,000 completed good units. The following costs were incurred during September: $916,000 for direct materials and $1,188,600 for conversion. Popov Co. considers normal spoilage to be 5% of good units that pass inspection. What is the cost allocated to the Finished Goods Inventory for September, after adjusting for the costs of spoilage?

Popov Co. uses the weighted average process costing method. Direct materials are added at the beginning of the production process, and conversion costs are incurred uniformly over the production process. Units are inspected when they are 50% complete with respect to conversion. The company began September with 3,000 units in WIP that were 40% complete with respect to conversion, valued at $50,000 for materials and $70,000 for conversion. 20,000 units were added into WIP in September. Popov Co. ended September with 4,000 units in WIP (80% complete with respect to conversion) and 18,000 completed good units. The following costs were incurred during September: $916,000 for direct materials and $1,188,600 for conversion. Popov Co. considers normal spoilage to be 5% of good units that pass inspection. What is the cost allocated to the Finished Goods Inventory for September, after adjusting for the costs of spoilage?

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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