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Weighty Steel Processes a Single Type of Steel All Materials Are Added at the Beginning of the Production

question 120

Multiple Choice

Weighty Steel processes a single type of steel.For the current period the following information is given: $\begin{array} { | l | l | l | l | } \hline & \text { Units } & \text { Material Costs } & \text { Conversion Costs } \\\hline \text { Beginning Inventory } & 3,000 & \$ 4,500 & \$ 5,400 \\\hline \text { Started During the Current Period } & 20,000 & 32,000 & 78,200 \\\hline \text { Ending Inventory } & 2,500 & & \\\hline\end{array}$ All materials are added at the beginning of the production process.The beginning inventory was 40% complete as to conversion,while the ending inventory was 30% completed for conversion purposes.
Weighty uses the weighted-average costing method.
What is the total cost assigned to the units completed and transferred this period?

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Definitions:

Financial Statement Presentation

The method by which a company's financial data is arranged and reported to external parties, typically including balance sheets, income statements, and cash flow statements.

Disclosure

The act of making information known, especially information that is of interest to shareholders and potential investors regarding a company's performance and operations.

Segment Information

Details about the different operational or geographical segments of a company, required in financial reports to give insight into performance and risks.

AASB 1039 Concise Financial Reports

Australian accounting standard that provides guidelines on preparing abbreviated financial statements that present a concise overview of a company's financial performance and position.