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s344n2d4d5 [400]
3 years ago
7

Hall 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 1,000
Materials costs $7,100
Conversion costs $6,400
Percent complete with respect to materials 65%
Percent complete with respect to conversion 30%
Units started into production during the month 13,600
Units transferred to the next department during the month 12,300
Materials costs added during the month $137,224
Conversion costs added during the month $215,050

Ending work in process inventory:
Units in ending work in process inventory 2,300
Percent complete with respect to materials 60%
Percent complete with respect to conversion 25%


The total cost transferred from the first processing department to the next processing department during the month is closest to:______

a. $356,256
b. $380,435
c. $341,325
d. $349,856
Business
1 answer:
timurjin [86]3 years ago
5 0

Answer:

c. $341,325

Explanation:

<em>First determine the Equivalent Units of Production</em>

<u>Materials</u>

Units completed and transferred (12,300 × 100%)              = 12,300

Units in Ending Work In Process Inventory ( 2,300 ×60%) =   1,380

Equivalent Units of Production                                             = 13,680

<u>Conversion</u>

Units completed and transferred (12,300 × 100%)              = 12,300

Units in Ending Work In Process Inventory ( 2,300 ×25%) =      575

Equivalent Units of Production                                             = 12,875

<em>Next Determine the Total Cost Incurred during the period</em>

<u>Materials</u>

Cost in Units of Opening Work In Process     =      $7,100

Incurred during the period                               = $137,224

Total Cost                                                          = $144,324

<u>Conversion</u>

Cost in Units of Opening Work In Process     =     $6,400

Incurred during the period                               = $215,050

Total Cost                                                          = $221,450

<em>Then Determine the Total Cost per Equivalent unit of Production</em>

Cost per Equivalent unit = Total Cost / Total Equivalent Units

Materials = $144,324 / 13,680

               = $10.54

Conversion = $221,450 / 12,875

                   = $17.20

Total = $10.54 + $17.20 = $27.74

<em>Finally calculate total cost transferred from the first processing department to the next processing department</em>

<em>total cost transferred  = Units transferred × Total cost per equivalent unit of production.</em>

                                     = 12,300 × $27.74

                                     = $341,202

Conclusion :

The total cost transferred from the first processing department to the next processing department during the month is closest to $341,325

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