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    Process Costing and Managerial Accounting

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    Timberline Associates uses the weighted-average method in its process costing system. The following data are for the first processing department for a recent month:

    Work in process, beginning:
    Units in process 2,400
    Percent complete with respect to materials 75%
    Percent complete with respect to conversion 50%
    Costs in the beginning inventory:
    Materials cost $8,400
    Conversion cost $7,200
    Units started into production during the month 20,800
    Units completed and transferred out 22,200
    Costs added to production during the month:
    Materials cost $97,400
    Conversion cost $129,600
    Work in process, ending:
    Units in process 1,000
    Percent complete with respect to materials 80%
    Percent complete with respect to conversion 60%


    Part A: Determine the equivalent units of production.

    Part B: Determine the costs per equivalent unit.

    Part C: Determine the cost of ending work in process inventory.

    Part D: Determine the cost of the units transferred to the next department.

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    Solution Summary

    The solution explains how to calculate equivalent units, cost per equivalent unit and the cost of units transferred and in ending inventory.