How do I calculate Cost of the September 30 Work-in-process inventory in the Weaving department? I am providing all of the information I have.
Savannah Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data pertain to the Weaving Department for the month of September.
Equivalent units of direct material (weighted-average method) 55,000
Equivalent units of conversion (weighted-average method) 45,000
Units completed and transferred out during September 42,000
The cost data for September are as follows:
Work in process, September 1
Direct material $ 105,240
Costs incurred during September
Direct material $ 158,760
There were 15,000 units in process in the Weaving Department on September 1 (100% complete as to direct material and 40% complete as to conversion).
Compute each of the following amounts using weighted-average process costing.
1. Cost of goods completed and transferred out of the Weaving Department.
2. Cost of the September 30 work-in-process inventory in the Weaving Department.
Your tutorial is attached. The cost assigned should match the cost ...
Your tutorial is attached. The cost assigned should match the cost incurred. In suspect some part of the data, either the equivalent units or the units transferred is wrong. But the spreadsheet model will update if a data input is changed so it is a template that will help with future problems.