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Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process...

Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process inventory consists of 12,000 units. The ending work in process inventory is 100% complete with respect to materials and 50% complete with respect to labor and overhead. If the cost per equivalent unit for the period is $3.60 for material and $1.60 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit) $52,800 $44,300 $62,400 $42,700

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Answer #1

Answer:

The balance of the ending work in process inventory =$52,800

Working notes for the above answer is as under

Ending work in progress

Units

Material :12000 x 100% complete

12000

Convesion :12000 x 50% complete

6000

Ending work in progress

Material

Conversion

Total

Equivalanet unit of production (a)

12000

6000

Cost per Equivalent Unit (b)

3.6

1.6

Cost of ending work in progress c= (a*b)

43200

9600

52800
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