1 answer

Can someone please help with this practice problem Annenbaum Corporation uses the weighted average method in...

Question:

can someone please help with this practice problem
Annenbaum Corporation uses the weighted average method in its process costing system. This month, the beginning inventory in
Multiple Choice 8,630 7,300 1.330 11,100
Annenbaum Corporation uses the weighted average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,800 units. The costs and percentage completion of these units in beginning inventory were: Percent Complete 65% 45% Cost $7,1ee $8,200 Materials costs Conversion costs A total of 9,300 units were started and 7.300 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Materials costs Conversion costs Cost $126,900 $208,400 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs What are the equivalent units for conversion costs for the month in the first processing department?
Multiple Choice 8,630 7,300 1.330 11,100

Answers

Under the weighted average method, equivalent units are calculated based on 2 things: units completed and transferred out and units in ending work in process inventory.

Beginning work in process units = 1,800 units

Units started = 9,300 units

Units completed and transferred = 7,300 units

Ending work in process units = Beginning work in process units + Units started - Units completed and transferred

= 1,800 + 9,300 - 7,300

= 3,800 units

Equivalent units of conversion costs = units completed and transferred out + units in ending work in process inventory x Percentage complete

= 7,300 + 3,800 x 35%

= 7,300 + 1,330

= 8,630

First option is correct

Please ask if you have any query related to the question. Thank you

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