Titan Manufacturing Uses a Process Cost System

question 66

Essay

Titan Manufacturing uses a process cost system.The following information pertains to operations for the month of December.
The beginning inventory was 80% complete for materials and 40% complete for conversion costs.The ending inventory was 85% complete for materials and 30% complete for conversion costs.
Costs pertaining to the month of December are as follows:
Beginning inventory costs are: materials,$38,200; conversion cost $41,400.
Costs incurred during December are: materials used,$462,300; conversion cost $602,700.
Required:
A.Using the weighted average method calculate the total equivalent units of production for direct materials and conversion cost.
B.Using the weighted average method,calculate the unit cost of materials and conversion for December.
C.Using the weighted average method,calculate the total cost of the units in the ending work-in-process inventory at December 31.

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Definitions:

Volume

The amount of space that a substance or object occupies, or that is enclosed within a container.

Complex

Consisting of many different and connected parts, making something hard to understand, solve, or analyze.

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A digital marketing strategy where businesses pay external parties or affiliates a commission for directing traffic or sales to their products or services.

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A fee paid to an agent or employee for conducting a transaction or sale, typically a percentage of the sale price.