What is the answer? **Weighted-Average Method in Process Costing**Walbin Corporation utilizes the weighted-average method in its process costing system. The initial work in process inventory in a particular department consisted of 14,500 units, which were 100% complete regarding materials cost and 30% complete concerning conversion costs. The total cost for the beginning work in process inventory was $23,800.During the month, a total of 46,000 units were transferred out of the department. The per equivalent unit costs were calculated to be $1.90 for materials and $3.70 for conversion costs. The task is to determine the total cost of the units that were completed and transferred out of the department.**Multiple Choice Options:**- $206,540- $257,600- $244,095- $271,645This information is part of a multiple-choice question designed to assess knowledge of the weighted-average method in process costing.

Answered: Walbin Corporation uses the…

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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**Weighted-Average Method in Process Costing**

Walbin Corporation utilizes the weighted-average method in its process costing system. The initial work in process inventory in a particular department consisted of 14,500 units, which were 100% complete regarding materials cost and 30% complete concerning conversion costs. The total cost for the beginning work in process inventory was $23,800.

During the month, a total of 46,000 units were transferred out of the department. The per equivalent unit costs were calculated to be $1.90 for materials and $3.70 for conversion costs. The task is to determine the total cost of the units that were completed and transferred out of the department.

**Multiple Choice Options:**

- $206,540
- $257,600
- $244,095
- $271,645

This information is part of a multiple-choice question designed to assess knowledge of the weighted-average method in process costing.

Expert Solution

Step 1: Introduction:

The term "material cost" refers to the cost of the materials used to create an item or provide a service. The cost of materials does not include any indirect items used in the production process, such as cleaning supplies. Once the material cost has been established as a standard, you may compute the variance in the material yield to see if the actual amount of material used was as predicted, or you can calculate the variance in the purchase price to see if the cost of the material was as anticipated.

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