Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (35,000 units): Direct materials (97% completed) Conversion (46% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (97% completed) Conversion (46% completed) Cost incurred during July: Direct materials Conversion costs $ 122,950 77,400 $ 200,350 86,000 95,900 25,100 $ 185,500 266,000 The cost of goods completed and transferred out under the weighted-average method is calculated to be: (Round your Intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choice $627,740. $553,343. $578,840. $102,946. $569,680.
Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (35,000 units): Direct materials (97% completed) Conversion (46% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (97% completed) Conversion (46% completed) Cost incurred during July: Direct materials Conversion costs $ 122,950 77,400 $ 200,350 86,000 95,900 25,100 $ 185,500 266,000 The cost of goods completed and transferred out under the weighted-average method is calculated to be: (Round your Intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choice $627,740. $553,343. $578,840. $102,946. $569,680.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (35,000 units): Direct materials (97% completed) Conversion (46% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (97% completed) Conversion (46% completed) Cost incurred during July: Direct materials Conversion costs $ 122,950 77,400 $ 200,350 86,000 95,900 25,100 $ 185,500 266,000 The cost of goods completed and transferred out under the weighted-average method is calculated to be: (Round your Intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choice $627,740. $553,343. $578,840. $102,946. $569,680.
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