Cosby uses a weighted-average process-costing system. all materials are added at the beginning of the process; conversion costs are incurred evenly throughout production. the company finished 40,000 units during the period and had 15,000 units in progress at year-end, the latter at the 40% stage of completion. total material costs amounted to $220,000; conversion costs were $414,000. the cost of the ending work in process is: a. $54,000. b. $78,000. c. $114,000.d. $195,000. e. some other amount.

C. $114,000

Explanation:

The material costs are added at the beginning of the process.

Total Material Cost = $220,000

\therefore Material cost per unit = $220,000 / (40,000+15,000) = $4

\therefore Material cost of ending work in process = 15,000 units * $4 = $60,000.

Conversion costs are incurred evenly throughout the process.

Total Conversion Costs = $414,000

Total units for which conversion cost has been incurred = 40,000 + (15,000 * 40%) = 46,000 units

\therefore Conversion cost per unit = $414,000 / 46,000 units = $9.

\therefore Conversion cost of ending work in process = 6,000 units * $9 = $54,000.

Thus, Total cost of ending work in process = $60,000 + $54,000 = $114,000.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; ///blank(1) longer; blank(2); lessi believe this is correct, plz check first; good luck';