Colby Company has a process costing system in which the weighted-average method is used. The company adds all materials at the beginning of the process in the moulding department, which is the first of two stages of its production process. Information concerning the materials used in the moulding department during March is as follows:   Units Materials costs   Work in progress at March 1 22,000 €  15,480 Units started during March 90,000 €  46,120 Units completed and transferred to next department during March 100,000 What was the materials cost of the work-in-progress inventory at March 31? a)  € 1,100 b)  € 5,500 c) € 6,600 d) €12,100

Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 4CMA: A company is using process costing with the first-in, first-out (FIFO) method, and all costs are...
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4.Colby Company has a process costing system in which the weighted-average method is used. The company adds all materials at the beginning of the process in the moulding department, which is the first of two stages of its production process. Information concerning the materials used in the moulding department during March is as follows:

 

Units Materials costs

 

Work in progress at March 1 22,000 €  15,480

Units started during March 90,000 €  46,120

Units completed and transferred to

next department during March 100,000

What was the materials cost of the work-in-progress inventory at March 31?

a)  € 1,100

b)  € 5,500

c) € 6,600

d) €12,100

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