Weighty Steel processes a single type of steel. For the current period the following information is given: Beginning Inventory Started during the Current Period Ending Inventory Units 2,000 21,000 3,000 Material Costs Conversion Costs $106,000 $630,000 $128,400 $1,125,600 All materials are added at the beginning of the production process, and conversion costs are added uniformly throughout the production process. The beginning inventory was 40% complete as to conversion, while the ending inventory was 30% completed for conversion purposes. [Answer & Solving Process] If Weighty uses the weighted-average costing method, what is the total cost assigned to the units completed this period? (Do not round any intermediate calculations and round final answers to the nearest integer.) O $1,904,306 2 $1,840,000 3 $1,990,000 4 $2,116,000 5 $1,846,466 [Answer & Solving Process] If Weighty uses FIFO (First-in, First-Out) method, what is the total cost assigned to the units completed this period? (Do not round any intermediate calculations and round final answers to the nearest integer.) O $1,848,577 2 $1,867,395 3 $1,849,600 4 $1,615,200 5 $1,859,355
Weighty Steel processes a single type of steel. For the current period the following information is given: Beginning Inventory Started during the Current Period Ending Inventory Units 2,000 21,000 3,000 Material Costs Conversion Costs $106,000 $630,000 $128,400 $1,125,600 All materials are added at the beginning of the production process, and conversion costs are added uniformly throughout the production process. The beginning inventory was 40% complete as to conversion, while the ending inventory was 30% completed for conversion purposes. [Answer & Solving Process] If Weighty uses the weighted-average costing method, what is the total cost assigned to the units completed this period? (Do not round any intermediate calculations and round final answers to the nearest integer.) O $1,904,306 2 $1,840,000 3 $1,990,000 4 $2,116,000 5 $1,846,466 [Answer & Solving Process] If Weighty uses FIFO (First-in, First-Out) method, what is the total cost assigned to the units completed this period? (Do not round any intermediate calculations and round final answers to the nearest integer.) O $1,848,577 2 $1,867,395 3 $1,849,600 4 $1,615,200 5 $1,859,355
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Both are part of single question
![Weighty Steel processes a single type of steel. For the current period the following information is
given:
Units
Material Costs
Conversion Costs
Beginning Inventory
Started during the Current Period
Ending Inventory
2,000
21,000
3,000
$106,000
$630,000
$128,400
$1,125,600
All materials are added at the beginning of the production process, and conversion costs are added
uniformly throughout the production process. The beginning inventory was 40% complete as to
conversion, while the ending inventory was 30% completed for conversion purposes.
3. [Answer & Solving Process] If Weighty uses the weighted-average costing method, what is the
total cost assigned to the units completed this period? (Do not round any intermediate calculations
and round final answers to the nearest integer.)
O $1,904,306
2 $1,840,000
3 $1,990,000
4 $2,116,000
5 $1,846,466
4. [Answer & Solving Process] If Weighty uses FIFO (First-in, First-Out) method, what is the total
cost assigned to the units completed this period? (Do not round any intermediate calculations and
round final answers to the nearest integer.)
O $1,848,577
2 $1,867,395
3 $1,849,600
4 $1,615,200
5 $1,859,355](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff4222dd2-cad5-4092-8617-5a5bda291fd4%2Fd69b1396-6b54-46e1-a59c-659ca0777eb1%2Fdh2o052_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Weighty Steel processes a single type of steel. For the current period the following information is
given:
Units
Material Costs
Conversion Costs
Beginning Inventory
Started during the Current Period
Ending Inventory
2,000
21,000
3,000
$106,000
$630,000
$128,400
$1,125,600
All materials are added at the beginning of the production process, and conversion costs are added
uniformly throughout the production process. The beginning inventory was 40% complete as to
conversion, while the ending inventory was 30% completed for conversion purposes.
3. [Answer & Solving Process] If Weighty uses the weighted-average costing method, what is the
total cost assigned to the units completed this period? (Do not round any intermediate calculations
and round final answers to the nearest integer.)
O $1,904,306
2 $1,840,000
3 $1,990,000
4 $2,116,000
5 $1,846,466
4. [Answer & Solving Process] If Weighty uses FIFO (First-in, First-Out) method, what is the total
cost assigned to the units completed this period? (Do not round any intermediate calculations and
round final answers to the nearest integer.)
O $1,848,577
2 $1,867,395
3 $1,849,600
4 $1,615,200
5 $1,859,355
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