Process Costing Using the Weighted-Average Method
Timmy's
T-Shirts manufactures tie-dyed t-shirts for college sporting events.
Each batch of shirts is identical, and the costs of a batch are
determined by process costing. The following information is related to
the production process for the month of February:
Timmy's T-Shirts uses the weighted-average method of computing equivalent units and
assigning product costs. Production costs include both the cost of raw
materials and conversion costs, which are incurred uniformly in the
production process.
Required:
When required, round answers to two decimal places.
A. How many t-shirts were completed during February?
B. Of the t-shirts completed, how many were started and completed during the month?
C. How many equivalent finished units did the company complete in February?
D. What is the cost per equivalent unit? Round your answer to the nearest cent. Use your rounded answer for subsequent calculations.
E. Calculate the cost of the ending work in process inventory in February.
Calculate the cost of goods manufactured in February.
B. Of the t-shirts completed, how many were started and completed during the month?
C. How many equivalent finished units did the company complete in February?
D. What is the cost per equivalent unit? Round your answer to the nearest cent. Use your rounded answer for subsequent calculations.
E. Calculate the cost of the ending work in process inventory in February.
Calculate the cost of goods manufactured in February.
