Problem 4 [20%]
FootLove Corporation manufactures quality walking shoes and uses a weighted average process costing system. All direct materials
are introduced at the start of the process, and conversion cost is incurred evenly throughout manufacturing.
An examination of the company's Work-in-Process account for September revealed the following selected information:
Debit side–
September 1 balance: 2,100 units, 40% complete. Direct material cost of $105,000 and direct manufacturing labor cost of $20,440.
Production started: 6,300 units
Direct materials used during August: $3 15,000
Credit side–
Production completed: 4,900 units
Costs of transferred-out uni
t: $392,000
Conversations with manufacturing personneI revealed that the ending work in process was 80% complete. Accounting personnel
cannot disclose the informnation of conversion costs added in September, but manufacturing overhead is applied by 150% of direct
manufacturing labor costs.
Required: (Round cost per equivalent unit to the nearest hundredth)
【題組】2. If FootLove uses a FIFO process costing system, determine the cost of the September 30 work-in-process inventory. (10%)