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    XYZ Company began January with 15,000 units in beginning work in process that were 25% complete. During the month, it added 90,000 additional units and ended with 16,000 units that were 30% complete. Using weighted average, the cost of goods transferred to finished goods was $XXX and the cost of ending work in process was $YYY. Using FIFO, the cost of goods transferred was $AAA and the cost of ending work in process was $BBB.

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    Cost Process Question (1)

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    XYZ Company began January with 15,000 units in beginning work in process that were 25% complete. During the month, it added 90,000 additional units and ended with 16,000 units that were 30% complete. Using weighted average, the cost of goods transferred to finished goods was $XXX and the cost of ending work in process was $YYY. Using FIFO, the cost of goods transferred was $AAA and the cost of ending work in process was $BBB.

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    © All Rights Reserved
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    7 views1 page

    Cost Process Question

    Uploaded by

    pat lance
    XYZ Company began January with 15,000 units in beginning work in process that were 25% complete. During the month, it added 90,000 additional units and ended with 16,000 units that were 30% complete. Using weighted average, the cost of goods transferred to finished goods was $XXX and the cost of ending work in process was $YYY. Using FIFO, the cost of goods transferred was $AAA and the cost of ending work in process was $BBB.

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    © All Rights Reserved
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    of 1

    Cost Accounting: Process Costing - FIFO & Weighted Average Methods

    XYZ Company started the month of January with 15,000 units in beginning work in process inventory.
    These units were 100% complete as to direct materials and 25% complete converted. During the period,
    the company started an additional 90,000 units. At the end of the month, there were 16,000 units in
    ending work in process inventory, with 80% of the materials added and 30% converted.

    The beginning work in process had $16,160 of materials and $8,000 of conversion costs included. During
    the month, the company incurred $85,000 in materials costs, $150,000 in direct labor costs, and $63,000
    in overhead costs.

    a) Find the cost of goods transferred to finished goods and the cost of ending work in process inventory
    using the weighted average method.

    b) Find the cost of goods transferred to finished goods and the cost of ending work in process inventory
    using the FIFO method.

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