Titan Manufacturing Uses a Process Cost System

question 105

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:

Thalamus

A structure in the brain that acts as a relay station for sensory information, excluding smell, and plays a role in consciousness and sleep.

Brain Stem

The Brain Stem is the lower extension of the brain where it connects to the spinal cord, responsible for controlling vital life functions such as breathing, heart rate, and blood pressure.

GLP-1

Glucagon-like peptide-1, a hormone involved in the regulation of blood sugar levels and often targeted in the treatment of type 2 diabetes.

Metabolism

An organism’s chemical and physical breakdown of food and the process of converting it into energy. Also, an organism’s biochemical transformation of various substances, as when the liver breaks down alcohol into acetylaldehyde.