Question

Process costing Under the weighted-average method, are the beginning or ending percentages of completion used? Why?...

Process costing

Under the weighted-average method, are the beginning or ending percentages of completion used? Why?

explain with your own words

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Under the Weighted Average method, the % completion of beginning Work in process is not used. however, the percentage completion of ending WIP is used.

Under the weighted average method, the units completed is not bifurcated into two parts i.e. units completed from beginning WIP and from current input. Rather, the total units completed is taken in to account without any division and the cost of beginning WIP is added to the current cost to know the cost per equivalent unit. This way the method computes the average cost per unit without taking in to effect the degree of completion of beginning WIP.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Process costing system. Bakel Inc. uses the weighted-average method in its process costing system. The following...
Process costing system. Bakel Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process............300 Stage of completion with respect to materials..........60% Stage of completion with respect to conversion...........60% Cost in the beginning inventory: Materials cost ...........$1,314 Conversion cost ..........$ 6,102 Units started into production during the month ......... 22,000 Units completed and transferred out........21,800 Costs added to...
Haydn Corporation uses the weighted-average method in its process costing system. The ending work-in-process inventory consists...
Haydn Corporation uses the weighted-average method in its process costing system. The ending work-in-process inventory consists of 10,000 units. The ending work-in-process inventory is 100% complete with respect to materials. The cost per equivalent unit for the period is $3.75 for material and $1.25 for conversion cost. If the ending balance of work-in-process inventory account is $40,625, what is the percentage of completion with respect to conversion cost in the ending work-in-process inventory account? A. 8% B. 92% C. 25%...
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 10,600 65% Conversion costs $ 12,800 30% A total of 8,500 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department...
1. Linton Inc. uses the weighted-average method in its process costing system. This month, the beginning...
1. Linton Inc. uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were Cost % complete Material costs 6,000 50% conversion costs 9900 30% A total of 9,200 units were started and 8,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during...
Tannenbaum Corporation uses the weighted average method in its process costing system. This month, the beginning...
Tannenbaum Corporation uses the weighted average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were:                                                             Cost                % complete             Materials costs                        5,700               65%             Conversion costs                     6,800               45% A total of 6,500 units were started and 5,900 units were transferred to the second processing department during the month. The first processing department incurred $125,500 of materials...
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 18,000 units. The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the cost per equivalent unit for the period is $4.20 for material and $1.80 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost...
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 5,800 50% Conversion costs $ 2,000 20% A total of 7,100 units were started and 6,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department...
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...
Camino Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Camino Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were: Percent Complete Materials costs $      5,628 50% Conversion costs $      4,155 20% A total of 6,800 units were started and 6,100 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during...
Esty Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Esty Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 5,800 50% Conversion costs $ 6,500 30% A total of 7,700 units were started and 6,600 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT