Question & Answer: MC Qu. 98 Fulton Corporation uses the weighted-average …MC Qu. 98 Fulton Corporation uses the weighted-average ……..

MC Qu. 98 Fulton Corporation uses the weighted-average …

Fulton Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were:

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Cost Percent Complete
Materials costs $7,800 65%
Conversion costs $7,600 35%

A total of 9,900 units were started and 8,900 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 $128,600
Conversion costs $220,800

The ending inventory was 70% complete with respect to materials and 60% complete with respect to conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.

The cost of ending work in process inventory in the first processing department according to the company’s cost system is closest to:

A) $39,216

B) $65,360

C) $45,752

D) $41,633

Expert Answer

 

Cost of Prduction report (weighted avg method)
ProductionDepartment Equivalent Units
Flow Of Units Physical Units Direct Material Conversion Cost
Units to be accounted for
Beginning work in process inventory 800
Units started this period 9900
Total u nits to be accounted for 10700
Units accounnted for:
Completed and transferred out (b) 8900 8900 8900
Ending work in progress inventory c (70% material and 60% conversion) 1800 1260 1080
Total units to be accounted for (f) 10700 10160 9980
Flow of Cost
Cost in the begnning work in progress inventory 15400 7800 7600
cost added to process 349400 128600 220800
Total Cost to be accounted for (e) 364800 136400 228400
Cost per equivalent unit (a) 13.43 22.89
Cost accounted for
Cost assigned to units transferred out (a*b) 323168 119484 203683
Cost in ending work in progress inventory (a*c) 41632 16916 24717
Total Cost accounted for 364800 136400 228400
Ans D Cost of Ending WIP is closest to $41633
If any doubt please comment. If satisfied you can rate the answer

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