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The cost of the work in process inventory in the Finishing Department at the end of May was?
A) $ 7,600.
B) $ 4,000.
C) $10,000.
D) $ 2,500.
Weighted-Average Method
A method for determining the cost of goods sold and the value of the remaining inventory by calculating the average cost of all available units for sale.
Conversion Costs
The sum of direct labor and manufacturing overhead costs, representing the costs to convert raw materials into finished products.
Direct Materials
The raw materials that are directly traced and integrated into the final product and are a significant part of the manufacturing cost.
- Learn to ascertain equivalent units of production for materials and conversion costs with the use of the weighted-average method.
- Identify the flow of costs in a process costing environment including the "cost to be accounted for" and the distribution of costs.
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Learning Objectives
- Learn to ascertain equivalent units of production for materials and conversion costs with the use of the weighted-average method.
- Identify the flow of costs in a process costing environment including the "cost to be accounted for" and the distribution of costs.
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