Completed and transferred out of production $fill in the blank 1 Inventory in process, ending $fill in the blank 2
Completed and transferred out of production $fill in the blank 1 Inventory in process, ending $fill in the blank 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 6BE: The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus...
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Question
Cost of Units Transferred Out and Ending Work in
The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $2.10 and $0.45, respectively. The equivalent units to be assigned costs are as follows:
Equivalent Units | ||||
Direct Materials | Conversion | |||
Inventory in process, beginning of period | 0 | 2,200 | ||
Started and completed during the period | 43,000 | 43,000 | ||
Transferred out of Filling (completed) | 43,000 | 45,200 | ||
Inventory in process, end of period | 4,000 | 1,200 | ||
Total units to be assigned costs | 47,000 | 46,400 |
The beginning work in process inventory had a cost of $1,500. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.
Completed and transferred out of production | $fill in the blank 1 |
Inventory in process, ending | $fill in the blank 2 |
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