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Richards Corporation uses the weighted-average method of process costing. The following information is available for October...

Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating Department:

Units:
Beginning Inventory: 80,000 units, 60% complete as to materials and 20% complete as to conversion.
Units started and completed: 250,000.
Units completed and transferred out: 330,000.
Ending Inventory: 30,000 units, 40% complete as to materials and 10% complete as to conversion.

Costs:
Costs in beginning Work in Process - Direct Materials: $37,200.
Costs in beginning Work in Process - Conversion: $79,700.
Costs incurred in October - Direct Materials: $646,800.
Costs incurred in October - Conversion: $919,300.

Calculate the cost per equivalent unit of conversion.

Multiple Choice

Multiple Choice

  • $2.90

  • $3.15

  • $2.76

  • $3.68

  • $3.00

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Homework Answers

Answer #2

Answer option d $3(explanation below)

Equivalent units of production under weighted average method for conversion

Particular Conversion
Units completed and transferred out

(330000×100%)

330000
Ending inventory

(30000×10%)

3000
Total equivalent units of production for conversion 333000

Cost per Equivalent unit

Total cost/Equivalent unit of Conversion

= $79700+$919300/333000 = $3

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