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The Gasson Company uses the weighted-average method in its process costing system. The company's ending work...

The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 10,000 units, 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit are $4.50 for the materials and $2.00 for labor and overhead, the balance of the ending work in process inventory account would be: Select one: a. $44,500. b. $50,500. c. $59,000. d. $65,000.

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Answer #1

Answer is c. $59000

Explanation :

Ending work in process inventory units = 10000

Material cost per unit = $4.50

Percentage of completion with respect to materials = 100%

Total material cost = 10000 x $4.50 x 100% = $45000

Labor and overhead cost per unit = $2

Percentage of completion with respect to labor and overhead = 70%

Total labor and overhead cost = 10000 x $2 x 70% = $14000

Balance of ending work in process inventory =

Total material cost + Total labor and overhead cost

= $45000 + $14000 = $59000

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