Weighted-average method in a process costing system
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The Richmond Company uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was:
A) $126,000. C) $ 80,100.
B) $ 75,600. D) $ 95,400.
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This solution discusses weighted-average method in a process costing system.
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Total Ending Work in process inventory = 18000 units
Equivalent units of ending work in process which are completed for material= ...
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