Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 17

Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for September follows. Assume that all materials are added at the beginning of its production process, and that conversion costs are added uniformly throughout the process.

Required
Compute each of the following, assuming Hi-Test uses the weighted-average method of process costing.
1. The number of physical units that were transferred out and the number that are in ending work in process inventory.
2. The number of equivalent units for materials for the month.
3. The number of equivalent units for conversion for the month.
4. The cost per equivalent unit of materials for the month.
5. The cost per equivalent unit for conversion for the month.
6. The total cost of goods transferred out.
7. The total cost of ending work in process inventory.