Asked by Jalah Coleman on May 30, 2024
Verified
Lorona Inc.has provided the following data concerning the Assembly Department for the month of April.The company uses the weighted-average method in its process costing. 
During the month, 7,400 units were completed and transferred from the Assembly Department to the next department.
Required:
Determine the cost of ending work in process inventory and the cost of units transferred out of the department during April using the weighted-average method.
Weighted-Average Method
A cost accounting method that assigns an average cost to each unit of inventory by weighting the costs of similar items.
Work in Process Inventory
The cost of partially finished goods that are still in the production process at the end of an accounting period.
Units Completed
is a measure of the number of finished units produced within a given period, reflecting the productivity or output level.
- Quantify equivalent production units pertaining to materials and conversion costs through the application of the weighted-average approach.
- Determine the cost of ending work in process inventory and the cost of units transferred out using the weighted-average method.
Verified Answer
ZK
Learning Objectives
- Quantify equivalent production units pertaining to materials and conversion costs through the application of the weighted-average approach.
- Determine the cost of ending work in process inventory and the cost of units transferred out using the weighted-average method.