The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was: $95,400 $80,100 $126,000

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The Richmond Corporation uses the weighted-average method in its process costing system. The
company has only a single processing department. The company's ending work in process inventory on
August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100%
complete with respect to materials and 60% complete with respect to labor and overhead. If the cost
per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost
assigned to the ending work in process inventory was:
O $95,400
$80,100
O $126,000
O $75,600
Transcribed Image Text:The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was: O $95,400 $80,100 O $126,000 O $75,600
Expert Solution
Step 1

Ending Inventory

The management of the inventory control into the business entity is one of the biggest task which are incurred with the management as well.  Here below given the details related with the total cost assigned to the ending work in process are calculated below

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