Fuller Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processingdepartment consisted of 700 units. The costs and percentage completion of these units in beginning inventory were:Materials costsConversion costsCost$ 12,700$ 10,900Materials costsConversion costsA total of 9,800 units were started and 8,800 units were transferred to the second processing department during the month. The following costs wereincurred in the first processing department during the month:PercentComplete85%30%Cost$ 175,600$ 420,900The ending inventory was 85% complete with respect to materials and 70% complete with respect to conversion costs.The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round "Cost perequivalent unit" to 3 decimal places.) $77,994$89,016$104,725$73,308

Equivalent units are computed when there in beginning and ending work in progress Inventory can be…

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Business

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The cost of ending work in process inventory in the first processing department according to the company's cost system

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Fuller Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing
department consisted of 700 units. The costs and percentage completion of these units in beginning inventory were:
Materials costs
Conversion costs
Cost
$ 12,700
$ 10,900
Materials costs
Conversion costs
A total of 9,800 units were started and 8,800 units were transferred to the second processing department during the month. The following costs were
incurred in the first processing department during the month:
Percent
Complete
85%
30%
Cost
$ 175,600
$ 420,900
The ending inventory was 85% complete with respect to materials and 70% complete with respect to conversion costs.
The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round "Cost per
equivalent unit" to 3 decimal places.)

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