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Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: Units completed Add: Units in EWIP X Fraction complete: (65,000 X 50%) Equivalent units of output (weighted average) Less: Units in BWIP X Fraction complete: (10,000 X 60%) Equivalent units of output (FIFO) The costs that Byford had to account for during the month of November were as follows: Beginning work in process Costs added 190,000 $fill in the blank 2 $fill in the blank 3 32,500 222,500 $108,000 804,250 Total $912,250 1. Using the weighted average method, determine unit cost. Round to the nearest cent. $fill in the blank 1per unit 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? Cost of units transferred out. Cost of ending inventory 6,000 216,500

Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: Units completed Add: Units in EWIP X Fraction complete: (65,000 X 50%) Equivalent units of output (weighted average) Less: Units in BWIP X Fraction complete: (10,000 X 60%) Equivalent units of output (FIFO) The costs that Byford had to account for during the month of November were as follows: Beginning work in process Costs added 190,000 $fill in the blank 2 $fill in the blank 3 32,500 222,500 $108,000 804,250 Total $912,250 1. Using the weighted average method, determine unit cost. Round to the nearest cent. $fill in the blank 1per unit 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? Cost of units transferred out. Cost of ending inventory 6,000 216,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: Units completed Add: Units in EWIP X Fraction complete: (65,000 X 50%) Equivalent units of output (weighted average) Less: Units in BWIP X Fraction complete: (10,000 X 60%) Equivalent units of output (FIFO) The costs that Byford had to account for during the month of November were as follows: Beginning work in process Costs added 190,000 $fill in the blank 2 $fill in the blank 3 32,500 222,500 $108,000 804,250 Total $912,250 1. Using the weighted average method, determine unit cost. Round to the nearest cent. $fill in the blank 1per unit 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? Cost of units transferred out. Cost of ending inventory 6,000 216,500
Transcribed Image Text:Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: Units completed Add: Units in EWIP X Fraction complete: (65,000 X 50%) Equivalent units of output (weighted average) Less: Units in BWIP X Fraction complete: (10,000 X 60%) Equivalent units of output (FIFO) The costs that Byford had to account for during the month of November were as follows: Beginning work in process Costs added 190,000 $fill in the blank 2 $fill in the blank 3 32,500 222,500 $108,000 804,250 Total $912,250 1. Using the weighted average method, determine unit cost. Round to the nearest cent. $fill in the blank 1per unit 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? Cost of units transferred out. Cost of ending inventory 6,000 216,500
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