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

question 21

Multiple Choice

Epstein Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were:
A total of 7,000 units were started and 6,500 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
The ending inventory was 85% complete with respect to materials and 45% complete with respect to conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.

-The total cost transferred from the first processing department to the next processing department during the month is closest to:

• A)$248,529
• B)$218,303
• C)$236,700
• D)$228,800

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Definitions:

Paradigms

distinct sets of concepts or thought patterns, including theories, research methods, postulates, and standards for what constitutes legitimate contributions to a field.

Phenomena

Observable events or subjects, especially those that are interesting or unusual.

Organizers

Individuals or tools that arrange, coordinate, or manage various tasks or events.

Object Relations

A theory in psychoanalysis that focuses on the importance of early family relationships and the roles of internalized images of these relationships in personality development.