(Answered) Question - a company uses a process cost accounting system

Accounting

Question - A company uses a process cost accounting system and the weighted-average method. The following information is available for its current year:

Goods in process, January 1, 2008 5, 500 units, 80% complete

Goods in process, December 31, 2008 8,800 units, 40% complete

Units completed and transferred to finished goods 46,900 units

Manufacturing costs during the year $266,300

a. Calculate the equivalent units of production for the year.

b. Calculate the average cost per equivalent unit (round to the nearest cent). Show your calculations.)

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