Raphael's Refining uses a weighted average process costing system.For a particular period,its opening inventory consisted of 100 items (60 per cent complete as to conversion costs)whose costs were $1600 made up of material $300 and conversion cost $1300.During the month,1000 items were started and 950 were completed.Ending inventory of WIP was complete.There was no spoilage.Costs placed in process during the month were materials $1600 and conversion costs $13 700.Materials are added at the halfway point.What is the amount of cost that would be allocated to goods completed in the period?

A) $14 615
B) $16 513
C) $16 900
D) $16 150

Question

Raphael's Refining uses a weighted average process costing system.For a particular period,its opening inventory consisted of 100 items (60 per cent complete as to conversion costs) whose costs were $1600 made up of material $300 and conversion cost $1300.During the month,1000 items were started and 950 were completed.Ending inventory of WIP was complete.There was no spoilage.Costs placed in process during the month were materials $1600 and conversion costs $13 700.Materials are added at the halfway point.What is the amount of cost that would be allocated to goods completed in the period?

A) $14 615 
B) $16 513 
C) $16 900 
D) $16 150

Quizplus · Accepted Answer

The Answer of Raphael's Refining uses a weighted average process costing system.For a particular period,its opening inventory consisted of 100 items (60 per cent complete as to conversion costs)whose costs were $1600 made up of material $300 and conversion cost $1300.During the month,1000 items were started and 950 were completed.Ending inventory of WIP was complete.There was no spoilage.Costs placed in process during the month were materials $1600 and conversion costs $13 700.Materials are added at the halfway point.What is the amount of cost that would be allocated to goods completed in the period?

A) $14 615 
B) $16 513 
C) $16 900 
D) $16 150

Raphael's Refining Uses a Weighted Average Process Costing System