Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of...
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Accounting
Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 80% complete with respect to conversion; the ending work-in-process inventory is 45% complete. The following data pertain to May:
UnitsWork in process, May 116,900
Units started during May69,500
Units completed and transferred out77,500
Work in process, May 318,900
TotalDirect Materials Conversion Costs
Work in process, May 1 $50,750 $20,300 $30,450
Costs incurred during May 240,330 75,800 164,530
Totals $291,080 $96,100 $194,980
Using the weighted-average method of process costing, the total costs remaining in work in process on May 31 are closest to(Do not round intermediate calculations):
Multiple Choice
$0.
$19,480.
$24,153.
$6,038.
None of the answers is correct.
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