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Kurtulus Corporation uses the weighted average method in its process costing system. Data concerning the first...

Kurtulus Corporation uses the weighted average method in its process costing system. Data concerning the first processing department for the most recent month are listed below:

Beginning work in process inventory:

Units in beginning work in process inventory                                                             1900

Material costs                                                                                                              $   8300

Conversion cost                                                                                                           $   3600

Percent complete with respect to material                                                                    55%

Percent complete with respect to conversion                                                                25%

Units started into production during the month                                                        7800

Units transferred to the next department during the month                                   7000

Materials costs added during the month                                                                  $ 111,400

Conversion costs added during the month                                                               $ 84,500

Ending work in process inventory:

Units in ending work in process inventory                                                                   2700

Percent complete with respect to materials                                                                   70%

Percent complete with respect to conversion                                                             55%

The cost of ending work in process inventory in the first processing department according to the company’s cost system is closest to:

       

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Answer #1
Whole Units Material Conversion
Units Completed 7000 7000 7000
  Ending work in process inventory: 8750 =7000*70%=4900 =7,000*55=3850
Equivalent units Total 11,900 10850
Cost incurred 8300+111400=119700 3600+84500= 88100
EU Rate Per Unit 119700/11900=10.0588 88100/10850=8.1198
The cost of ending work in process inventory in the first processing

Material 4900*10.06

 49294.00
Conversion 3850*8.12 31262.00
Total Value of Ending WIP 80556.00
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