(Process Costing: Weighted Average) Arnold’s Custom Log Beds manufactures log beds in a production line. Direct materials are added at the beginning of the production process. Conversion costs are consumed evenly throughout production. The following information pertains to the month of April:
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Work in process, beginning inventory: |
85 units |
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Direct materials (100% complete) |
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Conversion costs (45% complete) |
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Units started during April |
125 units |
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Work in process, ending inventory: |
60 units |
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Direct materials (100% complete) |
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Conversion costs (65% complete) |
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Costs added in April: |
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Direct materials |
$38,000 |
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Conversion costs |
$28,000 |
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Work in process, beginning inventory: |
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Direct materials |
$24,000 |
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Conversion costs |
$19,500 |
Determine the value of the finished goods during April and the value of the ending work-in-process inventory for April if Arnold’s used the weighted average method of process costing.