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 $414,000.60. The cost of goods completed is:A. $312,000.B. $414,000.C. $520,000.D. $634,000.E. some other amount.

E) some other amount.

Explanation:

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

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

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 unitsConversion cost per unit = $414,000 / 46,000 units = $9.

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

Hence,

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

rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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