Problemchabud corporation uses the weighted-average method, Ask an Expert

Accounting

Problem:

Chabud Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1200 units. The costs and percentage completion of these units in beginning inventory were: Material costs--$4700 (cost) and 40% (percent complete); Conversion costs--$2300 (cost) and 25% (percent complete). A total of 10000 units were started and 7000 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Materials costs--$187642 and Conversion costs---$178765. The ending inventory was 75% completed with respect to materials and 40% completed with respect to conversion costs.

Required:

Question 1: What is the cost ending work in process inventory in the first processing department according to the company's cost system?

Question 2: What is the total cost transferred from the first processing department to the next processing department during the month?

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165799

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