The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $1.75 and $1.75, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 3,900 Started and completed during October 65,000 65,000 Transferred out of Rolling (completed) 65,000 68,900 Inventory in process, October 31 7,000 2,800 Total units to be assigned costs 72,000 71,700 The beginning work in process inventory on October 1 had a cost of $2,460. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department

The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $1.75 and $1.75, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 3,900 Started and completed during October 65,000 65,000 Transferred out of Rolling (completed) 65,000 68,900 Inventory in process, October 31 7,000 2,800 Total units to be assigned costs 72,000 71,700 The beginning work in process inventory on October 1 had a cost of $2,460. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department

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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