1. madsen company uses the weighted-average method in its process costing system. during october, the mixing department transferred out 40,000 units. the october 31 work-in-process inventory in the mixing department consisted of 4,000 equivalent units of material and 5,000 equivalent units of labour and overhead. the cost per equivalent unit was $2.50 for materials and $6.25 for labour and overhead. what was the total cost of the october 31 work-in-process inventory?
$78,750
$43,750
$35,000
$41,250
2. Overland, Inc., uses the weighted-average method in its process costing system. The company's work in process inventory on April 30 consists of 25,000 units. The units in the ending inventory are 100% complete with respect to materials and 75% complete with respect to conversion costs. If the cost per equivalent unit is $3.00 for materials and $5.50 for conversion costs, the total cost in the April 30 work in process inventory?
1 | |||
Materials | Labour and overhead | Total | |
Equivalent units in work-in-process inventory | 4000 | 5000 | |
X Cost per equivalent unit | 2.50 | 6.25 | |
Total cost of the October 31 work-in-process inventory | 10000 | 31250 | 41250 |
Option D $41,250 is correct | |||
2 | |||
Materials | Conversion costs | Total | |
Equivalent units in work-in-process inventory | 25000 | 18750 | |
X Cost per equivalent unit | 3.00 | 5.50 | |
Total cost in the April 30 work in process inventory | 75000 | 103125 | 178125 |
$178,125 is correct answer |
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