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

question 32

Essay

Oleksy Corporation uses the weighted-average method in its process costing. The following data concern the company's Assembly Department for the month of June. During the month, 4,900 units were completed and transferred from the Assembly Department to the next department.
Required:
Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method.

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Definitions:

Condominium

A type of real estate divided into individual units that are owned separately, alongside common facilities owned jointly by all unit owners.

Shares in the Corporation

Financial instruments that represent ownership stakes in a corporation, entitling the holder to a portion of the residual profits through dividends.

Living Unit

A residential space, such as an apartment or house, designed for occupancy by individuals or families.

Waste

The degradation of value or condition of a property, often due to neglect or misuse.