Minnon, Inc., uses a weighted-average process-costing system. All materials are introduced at the beginning of production; conversion cost is incurred evenly throughout manufacturing. The following information pertains to April:Beginning Work in Process (80% complete)9,000 unitsGoods completed during April53,000 unitsEnding work in process (30% complete)12,000 unitsThe company's accountant has already computed the cost per equivalent unit, as follows: materials, $5; conversion, $14.Required:Calculate the cost of goods completed during April and the cost of the ending work-in-process inventory.
What will be an ideal response?
Cost of goods completed:
53,000 × ($5 + $14) = $1,007,000
Cost of ending work in process:
(12,000 × $5) + (12,000 × 30% s $14) = $110,400
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