Whiston Corporation Uses the Weighted-Average Method in Its Process Costing

question 117

Essay

Whiston Corporation uses the weighted-average method in its process costing system.The following data were taken from the records of the first processing department for a recent month. Required:
a.How many units were transferred to the next department during the month?
b.What were the equivalent units of production for materials and for conversion costs for the month?
c.What were the costs per equivalent unit of production for materials and for conversion costs for the month?
d.What was the cost of the ending work in process inventory in the department at the end of the month?
e.What was the cost of the units completed and transferred to the next department during the month?

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus; a measure of the overall benefit to society from the production and consumption of goods or services.

Market Price

The present cost at which a service or asset is available for purchase or sale in a specific market.

Total Surplus

The sum of consumer and producer surpluses, representing the total net benefit to society from the production and consumption of goods and services.

Supply Curve

A visual depiction that illustrates the connection between a product's price and the amount available for supply.