The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory -0- Units started in production 20,000 Units finished during the period 16,000 Units in process at the end of the period(complete as to materials,¼ complete as to labor and overhead) 4,000 Cost of materials used$35,200 Labor and overhead costs$37,400 Cost per equivalent unit of labor and overhead is: $2.20. $1.87. $2.34. $1.97.

The weighted average price approach divides the cost of the commodities available for sale by the…

Answered: The Lakeside Company uses a…

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 Lakeside Company uses a weighted-average process costing system. The following data are available:


Beginning inventory		-0-
Units started in production		20,000
Units finished during the period		16,000
Units in process at the end of the period (complete as to materials, ¼ complete as to labor and overhead)		4,000
Cost of materials used	$	35,200
Labor and overhead costs	$	37,400

Cost per equivalent unit of labor and overhead is:

		$2.20.
		$1.87.
		$2.34.
		$1.97.

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