The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory...

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The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory...

The Lakeside Company uses a weighted-average process costing system. The following data are available:


Beginning inventory		-0-
Units started in production		20,200
Units finished during the period		16,100
Units in process at the end of the period (complete as to materials, ¼ complete as to labor and overhead)		4,100
Cost of materials used	$	36,180
Labor and overhead costs	$	41,100

Total cost of the 16,100 units finished is:

Multiple Choice

$67,477.
$71,772.
$77,319.
$66,852.

business accounting

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Answer 1

Answer #1

	Materials	Labor and overhead
Unit finished	16100	16100
(+) Equivalent units in the ending inventory [ Ending inventory units * Fraction Completed ]	4100 [ 4100 * 1 ]	1025 [ 4100 * 1 / 4 ]
Equivalent units of production	20200	17125

	Materials	Labor and overhead
Cost of beginning inventory	0	0
(+) Cost added during the period	36180	41100
Total cost	36180	41100
(/) Equivalent units of production	20200	17125
Cost per equivalent unit	1.7911	2.4000

	Materials	Labor and overhead	Total
Cost of units finished [ Units finished * Cost per equivalent unit ]	28837 [ 16100 * 1.7911 ]	38640 [ 16100 * 2.4000 ]	67477

Answer : $67,477

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Answer 2

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