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 $ 57,680 36,462 $94,142 $ 127,720 383,778 Total $ 511,498 Materials are added at the beginning of the process. The following quantities have been recorded: • Beginning inventory, 41,200 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 82,400 gallons. Units transferred out in July, 92,700 gallons. • Ending inventory, 30,900 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.

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 $ 57,680 36,462 $94,142 $ 127,720 383,778 Total $ 511,498 Materials are added at the beginning of the process. The following quantities have been recorded: • Beginning inventory, 41,200 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 82,400 gallons. Units transferred out in July, 92,700 gallons. • Ending inventory, 30,900 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.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....

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Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
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