Midwest Chemicals: Calculate weighted average, Process Costi
Not what you're looking for?
Midwest Chemicals manufactures a product called Mid-Tek. Direct materials are added at the beginning of the process and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 60% complete with respect to conversion; the ending work-in-process inventory is 20% complete. The following data pertain to May:
Units
Work in process, May 1st 15,000
Units started during May 60,000
Units completed and transferred out 65,000
Work in process, May 31st 6,000
Costs Total Direct Materials Conversion Costs
Work in process, May 1st $41,250 $16,500 $24,750
Cost incurred in May 234,630 72,000 162,630
Totals $275,880 $88,500 $187,380
A) Using the weighted-average method of process costing, the equivalent units of
Conversion activity total;
B) Using the weighted-average method of process costing, the cost per unit of direct
Material is:
C) Using the weighted-average method of process costing, the cost of goods
Completed and transferred during May is:
Purchase this Solution
Solution Summary
This solution is comprised of a detailed explanation to calculate the equivalent units of conversion activity total, the cost per unit of direct material, and the cost of goods completed and transferred during May using the weighted-average method of process costing.
Solution Preview
Midwest Chemicals manufactures a product called Mid-Tek. Direct materials are added at the beginning of the process and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 60% complete with respect to conversion; the ending work-in-process inventory is 20% complete. The following data pertain to May:
Units
Work in process, May 1st 15,000
Units started during May 60,000
Units ...
Purchase this Solution
Free BrainMass Quizzes
Motivation
This tests some key elements of major motivation theories.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Basics of corporate finance
These questions will test you on your knowledge of finance.