poratic produces a product that passes through two departments. Fo December, the following equivalent unit schedule was prepared for the first department: Units completed Units in EWIP x Fraction complete: Materials Conversion Materials Conversion Materials 10,000 Equivalent units of output Costs assigned to beginning work-in-process: 2,000 Materials Conversion 12,000 $14,000 20,000 Manufacturing costs incurred during the month: $34,000 43,000 Conversion 10,000 500 10,500 Required: a. Compute the unit cost for December using the weighted average method. b. Determine the cost of goods transferred out. c. Determine the cost of ending work-in-process.

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Chapter1: Financial Statements And Business Decisions
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16. King Corporation produces a product that passes through two departments. For
December, the following equivalent unit schedule was prepared for the first
department:
Units completed
Units in EWIP x Fraction
complete:
Materials
Conversion
Materials
Conversion
Materials
10,000
Equivalent units of
output
Costs assigned to beginning work-in-process:
2,000
Materials
Conversion
12,000
$14,000
20,000
Manufacturing costs incurred during the month:
$34,000
43,000
Conversion
10,000
500
10,500
Required:
a. Compute the unit cost for December using the weighted average method.
b. Determine the cost of goods transferred out.
c. Determine the cost of ending work-in-process.
Transcribed Image Text:16. King Corporation produces a product that passes through two departments. For December, the following equivalent unit schedule was prepared for the first department: Units completed Units in EWIP x Fraction complete: Materials Conversion Materials Conversion Materials 10,000 Equivalent units of output Costs assigned to beginning work-in-process: 2,000 Materials Conversion 12,000 $14,000 20,000 Manufacturing costs incurred during the month: $34,000 43,000 Conversion 10,000 500 10,500 Required: a. Compute the unit cost for December using the weighted average method. b. Determine the cost of goods transferred out. c. Determine the cost of ending work-in-process.
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