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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 15,000 units. The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. Costs per equivalent unit for the period are $3.10 for materials and $2.20 for labor and overhead. What is the balance of the ending work in process inventory account: a) $69,600 b) $46,000 c) $61,100 d) $79,500

The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 15,000 units. The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. Costs per equivalent unit for the period are $3.10 for materials and $2.20 for labor and overhead. What is the balance of the ending work in process inventory account: a) $69,600 b) $46,000 c) $61,100 d) $79,500

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 15,000 units. The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. Costs per equivalent unit for the period are $3.10 for materials and $2.20 for labor and overhead. What is the balance of the ending work in process inventory account: a) $69,600 b) $46,000 c) $61,100 d) $79,500
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 15,000 units. The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. Costs per equivalent unit for the period are $3.10 for materials and $2.20 for labor and overhead. What is the balance of the ending work in process inventory account: a) $69,600 b) $46,000 c) $61,100 d) $79,500
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