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The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 20,000 units, The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit for the period $3.20 for the materials and $2.00 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit) A. $104,000 B. $63,500 C. $92,000 D. $83,500

The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 20,000 units, The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit for the period $3.20 for the materials and $2.00 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit) A. $104,000 B. $63,500 C. $92,000 D. $83,500

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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The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 20,000 units, The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit for the period $3.20 for the materials and $2.00 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit) A. $104,000 B. $63,500 C. $92,000 D. $83,500
Transcribed Image Text:The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 20,000 units, The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit for the period $3.20 for the materials and $2.00 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit) A. $104,000 B. $63,500 C. $92,000 D. $83,500
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