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never [62]
3 years ago
12

Beginning work-in-process inventory was 50% complete for direct materials and direct labor costs. Ending work-inprocess inventor

y was 75% complete for direct materials and direct labor costs. Direct material work-in-process inventory on January 1 was $50,000. Direct material costs added during the quarter were $720,000. What is the total value of material costs in ending work-in-process inventory using the weighted-average unit cost inventory valuation method
Business
1 answer:
Hoochie [10]3 years ago
8 0

Answer:

WIP ending inventory= $180,000

Explanation:

<u>First, we need to calculate the equivalent units of production for direct materials in ending inventory.</u>

The weighted average method blends the costs and units of the previous period with the costs and units of the current period.

Units completed in the period + Equivalent units in ending inventory WIP (units*%completion) = Equivalent units of production

Equivalent units of production= 720,000*0.75

Equivalent units of production= $540,000

<u>Now, work in process ending inventory:</u>

WIP ending inventory= 720,000 - 540,000

WIP ending inventory= $180,000

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