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problem: Frank's Chips uses the weighted average method to account for its WIP inventories. The accounting records show the following data for a particular day:

Beginning WIP inventory:

Direct materials ............................................ $   488

Conversion costs...........................................      138

Current period costs in work in process

Direct materials...................................... $5,720

Conversion costs .........................................     3,322

Quantity information is obtained from the manufacturing records and includes the following.

Beginning inventory.......................................     150 units (partially complete)

Current period units started ...............................  1,000 units

Ending inventory ..........................................      300 units

Percentage of completion

Direct materials................................          40%

Conversion costs ..............................          20%

Spot age  ......................................................        100 units

Percentage of completion

Direct materials ............................................     100%

Conversion costs ...........................................       100%

Required:

find out the cost of good units completed and transferred out, spoilage, & ending inventory using the weighted average method.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M920469

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