Homework Help is Here – Start Your Trial Now!
Business
Accounting
Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: Units completed Add: Units in EWIP X Fraction complete: (65,000 X 50%) Equivalent units of output (weighted average) Less: Units in BWIP X Fraction complete: (10,000 X 60%) Equivalent units of output (FIFO) The costs that Byford had to account for during the month of November were as follows: Beginning work in process Costs added 190,000 $fill in the blank 2 $fill in the blank 3 32,500 222,500 $108,000 804,250 Total $912,250 1. Using the weighted average method, determine unit cost. Round to the nearest cent. $fill in the blank 1per unit 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? Cost of units transferred out. Cost of ending inventory 6,000 216,500

Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: Units completed Add: Units in EWIP X Fraction complete: (65,000 X 50%) Equivalent units of output (weighted average) Less: Units in BWIP X Fraction complete: (10,000 X 60%) Equivalent units of output (FIFO) The costs that Byford had to account for during the month of November were as follows: Beginning work in process Costs added 190,000 $fill in the blank 2 $fill in the blank 3 32,500 222,500 $108,000 804,250 Total $912,250 1. Using the weighted average method, determine unit cost. Round to the nearest cent. $fill in the blank 1per unit 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? Cost of units transferred out. Cost of ending inventory 6,000 216,500

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter6: Process Costing
Section: Chapter Questions
Problem 45E: Cassien Inc. manufactures products that pass through two or more processes. During June, equivalent...
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: Units completed Add: Units in EWIP X Fraction complete: (65,000 X 50%) Equivalent units of output (weighted average) Less: Units in BWIP X Fraction complete: (10,000 X 60%) Equivalent units of output (FIFO) The costs that Byford had to account for during the month of November were as follows: Beginning work in process Costs added 190,000 $fill in the blank 2 $fill in the blank 3 32,500 222,500 $108,000 804,250 Total $912,250 1. Using the weighted average method, determine unit cost. Round to the nearest cent. $fill in the blank 1per unit 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? Cost of units transferred out. Cost of ending inventory 6,000 216,500
Transcribed Image Text:Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: Units completed Add: Units in EWIP X Fraction complete: (65,000 X 50%) Equivalent units of output (weighted average) Less: Units in BWIP X Fraction complete: (10,000 X 60%) Equivalent units of output (FIFO) The costs that Byford had to account for during the month of November were as follows: Beginning work in process Costs added 190,000 $fill in the blank 2 $fill in the blank 3 32,500 222,500 $108,000 804,250 Total $912,250 1. Using the weighted average method, determine unit cost. Round to the nearest cent. $fill in the blank 1per unit 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? Cost of units transferred out. Cost of ending inventory 6,000 216,500
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost classification
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS