Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 65,520 41,418 $ 106,938 $ 145,080 435,942 $ 581,022 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 46,800 partially complete gallons, 25 percent complete with respect to conversion costs. ⚫Units started in July, 93,600 gallons. • Units transferred out in July, 105,300 gallons. Ending inventory, 35,100 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations. Cost of goods transferred out total Ending inventory total $ 2
Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 65,520 41,418 $ 106,938 $ 145,080 435,942 $ 581,022 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 46,800 partially complete gallons, 25 percent complete with respect to conversion costs. ⚫Units started in July, 93,600 gallons. • Units transferred out in July, 105,300 gallons. Ending inventory, 35,100 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations. Cost of goods transferred out total Ending inventory total $ 2
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...
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