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28 February, 07:52

Jimmy corporation uses the weighted-average method in its process costing system. the ending work in process inventory consists of 9,000 units. the ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. if the cost per equivalent unit for the period is $3.75 for material and $1.25 for labor and overhead, what is the balance of the ending work in process inventory account?

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  1. 28 February, 10:09
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    Weighted-average method

    Materials Labor and Overhead

    Ending work in process:

    Materials: 20,000 units * 100% 20,000

    Conversion: 20,000 units * 70% 14,000

    Equivalent units of production in ending work in process 20,000 14,000

    Materials Labor and Overhead Total

    Ending work in process inventory:

    Equivalent units of production (a) 20,000 14,000

    Cost per equivalent unit (b) $3.20 $2.00

    Cost of ending work in process inventory (a) * (b) $64,000 $28,000

    $92,000
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