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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Units to be assigned costs

Keystone Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 8,500 tons from the Casting Department. During the period, the Rolling Department completed 7.900 tons, including 400 tons of work in process at the beginning of the period. The ending work in process inventory was 1,000 tons. How many tons were started and completed during the period?

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

To Calculate: started and completed (tons) during the month July of Company KS.

Explanation

Calculate started and completed (tons) during the month July of Company KS as shown below:

Units started and completed during the month) =(Units received from casting department Ending work in process invento

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