Gamma Lights Machining Uses the Weighted-Average Method of Process Costing

question 217

Essay

Gamma Lights Machining uses the weighted-average method of process costing. Materials are added at the beginning of the machining process and conversion costs are added evenly throughout the process. The following activity occurred in its Machining Department during June.
Units:

Costs:

Required:
1. Summarize flow of physical units and compute total equivalent units for three cost categories: transferred-in, direct materials, and conversion costs.
2. Summarize total costs to account for and compute the cost per equivalent unit for each cost category.
3. Assign total costs to (a) units completed and transferred to Finished Goods Inventory and (b) units in June 30 Work in Process Inventory.

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Definitions:

Accumulated Depreciation Balance

The total amount of depreciation that has been recorded against a fixed asset up to a specific point in time, reflecting the decline in the asset's value.

December 31

December 31 is traditionally the final day of the Gregorian calendar year, and it is often the fiscal year-end for organizations operating on a calendar year basis.

Straight-Line Depreciation

A method of allocating the cost of a tangible asset over its useful life in an equal and consistent manner.

Book Value

The net value of a company's assets found on the balance sheet, calculated as total assets minus intangible assets (patents, copyrights) and liabilities.