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IrinaK [193]
3 years ago
15

A firm called Can't Be Stopped, Won't Be Stopped uses process costing to determine the cost of inventory. All direct materials a

re added at the beginning of the process.Last month, the firm's second department in the process, Department B, had 1,000 units in BWIP (50% complete with respect to conversion costs), completed 9,000 units, and had 500 units in ending inventory (25% complete with respect to conversion costs). The firm has the following costs in the WIP-Department B's T-account.Direct Materials Conversion Costs Transferred-in CostsBWIP cost $25,000 $75,000 $150,000Current period cost $275,000 $1,000,000 $1,250,000Which of the following shows the conversion cost per equivalent unit rates using the FIFO and weighted average methods (round rates to nearest cent if necessary)?a. Weighted average: $113.16 conversion costs per equivalent unitFIFO: $117.65 conversion costs per equivalent unitb .Weighted average: $117.65 conversion costs per equivalent unitFIFO: $113.16 conversion costs per equivalent unitc. Weighted average: $117.81 conversion costs per equivalent unitFIFO: $115.94 conversion costs per equivalent unitd. Weighted average: $115.94 conversion costs per equivalent unitFIFO: $117.81 conversion costs per equivalent unit
Business
1 answer:
Luden [163]3 years ago
5 0

Answer:

c.

Weighted average: $117.81 conversion costs per equivalent unit

FIFO: $115.94 conversion costs per equivalent unit

Explanation:

completed       9,000

ending WIP        500 at 25%

beginning WIP 1,000 at 50%

<u>weighted average:</u>

completed units + percentage of completion ending WIP

9,000 + 500 x 25% = 9,125

cost: 75,000 + 1,000,000 = 1,075,000

conversion cost per unit:

1,075,000 / 9,125 = 117,81

<u>FIFO </u>

completed units + percentage of completion ending WIP - begining WIP

9,000 + 500 x 25% - 1,000 x 50% = 8,625

cost of the equivalent units

1,000,000 / 8,625 = 115.94

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