Cost of Units Transferred Out and Ending Work in ProcessThe costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $2.10 and $2.10,respectively. The equivalent units to be assigned costs are as follows:Equivalent UnitsDirect Materials ConversionInventory in process, beginning of period1,20031,000Started and completed during the period31,000Transferred out of Filling (completed)31,00032,200Inventory in process, end of period2,0001,200Total units to be assigned costs33,00033,400The beginning work in process inventory had a cost of $660. Determine the cost of completed and transferred-out production and the ending work inprocess inventory. If required, round to the nearest dollar.Completed and transferred-out productionInventory in process, ending

Question
Asked Oct 26, 2019
9 views
Cost of Units Transferred Out and Ending Work in Process
The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $2.10 and $2.10,
respectively. The equivalent units to be assigned costs are as follows:
Equivalent Units
Direct Materials Conversion
Inventory in process, beginning of period
1,200
31,000
Started and completed during the period
31,000
Transferred out of Filling (completed)
31,000
32,200
Inventory in process, end of period
2,000
1,200
Total units to be assigned costs
33,000
33,400
The beginning work in process inventory had a cost of $660. 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 production
Inventory in process, ending
help_outline

Image Transcriptionclose

Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $2.10 and $2.10, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 1,200 31,000 Started and completed during the period 31,000 Transferred out of Filling (completed) 31,000 32,200 Inventory in process, end of period 2,000 1,200 Total units to be assigned costs 33,000 33,400 The beginning work in process inventory had a cost of $660. 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 production Inventory in process, ending

fullscreen
check_circle

Expert Answer

star
star
star
star
star
1 Rating
Step 1

Calculation of cost of completed and transferred-out...

В
Equivalent Units
Direct Materials Conversion
Total
Inventory in process, beginning of
3 period
Started and completed during the
4 period
1200
0
-Вз-СЗ
31000
31000
-B4 +C4
Transferred out of Filling (completed)
=B3+B4
2000
B5+B6
2.1
-B5+C5
B6+C6
B7+C7
=B8+C8
B9+C9+660
-B10+C10
|-С3+C4
1200
C5+C6
2.1
-C5 C8
-C8*C6
6 Inventory in process, end of period
7 Total units to be assigned costs
8 Cost per unit
9 Cost of Transferred out production B5*B8
10 Cost of Inventory in process, ending =B8*B6
help_outline

Image Transcriptionclose

В Equivalent Units Direct Materials Conversion Total Inventory in process, beginning of 3 period Started and completed during the 4 period 1200 0 -Вз-СЗ 31000 31000 -B4 +C4 Transferred out of Filling (completed) =B3+B4 2000 B5+B6 2.1 -B5+C5 B6+C6 B7+C7 =B8+C8 B9+C9+660 -B10+C10 |-С3+C4 1200 C5+C6 2.1 -C5 C8 -C8*C6 6 Inventory in process, end of period 7 Total units to be assigned costs 8 Cost per unit 9 Cost of Transferred out production B5*B8 10 Cost of Inventory in process, ending =B8*B6

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: Sales price $6.54 per unit Variable costs $2.77 per unit Fixed Costs $10,874 Budgeted number of unit...

A: Determine contribution margin per unit.

question_answer

Q: E 20-8 Governmental fund closing entries A general ledger trial balance for Any City contained the f...

A: Closing entries:The journal entries prepared to close the temporary accounts to Retained Earnings ac...

question_answer

Q: Company sells products to its cusotmers on credit basis, adjusting entry for bad debt expense is rec...

A: Bad Debts Expense:Bad debts expense as also known as uncollectible account expense or doubtful accou...

question_answer

Q: On January 1, 2014 Victory Falls Company issued $2,100,000 in bonds that mature in 5 years. The bond...

A: yes, it is correct.

question_answer

Q: Prepare a classified balance sheet? Presented below is the adjusted trial balance of De Young Cor...

A: Prepare statement of retained earnings: 

question_answer

Q: Xavier and Yolanda have original investments of $50 000 and $100 000 respectively in a partnership. ...

A:  Partnership:Partnership is defined as an association of two or more persons to carry business for p...

question_answer

Q: Based on the following data for Privett Company, what is the amount of quick assets? Privett Comp...

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question s...

question_answer

Q: Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it pur...

A: As per LIFO method it assumes units purchased at last is sold out first. On oct4, the sold units are...

question_answer

Q: Problem #1  Record the following transactions for Porter Hospital, a private, nonprofit hospital:   ...

A: Journal entries: Journal entries are recorded for every business transaction. It is the first step f...