Peezo Inc Uses a Process Costing System and the Weighted

Multiple Choice

Peezo Inc uses a process costing system and the weighted average method for partially completed units. Production costs during January comprised materials issued at the beginning of the production process costing $120,000 and conversion costs of $80,000. At the end of the month 10,000 units had been completed and placed into finished goods inventory while a further 5,000 units remained in work-in-progress, 80% complete as to conversion costs. The value of work-in-progress at the end of January is:

A) $62,857
B) $66,667
C) $71,450
D) $100,000