WLS Corporation Uses Weighted Average Process Costing

question 18

Essay

WLS Corporation uses weighted average process costing. Equivalent units of production for September 20x2 were 640 for materials and 615 for conversion. Other information for September follows:
-Beginning work in process totalled 200 units, 100% complete for direct materials and 80% complete for conversion costs
-500 units were started during the month.
-Ending work in process consisted of 100 units.
a)Calculate the number of units completed and transferred out for September 20x2.
b)Calculate the percentage of completion for ending work in process.

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Definitions:

Practical Approach

implies a focus on real-world applications and results, favoring straightforward, viable solutions over theoretical conjectures.

Annual Adjustment

A modification made yearly to account for changes in economic or financial conditions, such as indexing the scale of tax brackets to inflation.

Exemption Amount

This refers to a specific amount set by tax laws that a taxpayer can claim to reduce taxable income, potentially lowering the overall tax burden.

Head of Household

A tax filing status for unmarried individuals who provide more than half of the financial support for a household and have a qualifying dependent.