Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Cost of units transferred out Units started and completed in production Total units to account for Total ending work in process Ending work in process materials Ending work in process conversion Cost per unit conversion Costs to account for Question: A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Terms Dollars ? ? Ending work in process: x ? ? ? ? ? ?
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
5. Using the following terms, prepare the worksheet to show the calculation to answer the question:
| Units completed and transferred out | Cost per material | Cost per conversion |
| Equivalent units conversion | Cost of units transferred out | Units started and completed in production |
| Total units to account for | Total ending work in process | Ending work in process materials |
| Ending work in |
Cost per unit conversion | Costs to account for |
Question: A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?
PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345).
| Terms | Dollars |
| ? | ? |
| Ending work in process: | x |
| ? | ? |
| ? | ? |
| ? | ? |
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