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Cost of units transferred out and ending work in process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Keystone Steel Company are $60 and $10, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 320 Started and completed during the period 7,500 7,500 Transferred out of Rolling (completed) 7,500 7,820 Inventory in process, end of period 1,000 300 Total units to be assigned costs 8,500 8,120 The beginning work in process inventory had a cost of $25,000. Determine the cost of completed and transferred-out production and the ending work in process inventory.

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Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

Solutions

Chapter
Section
Chapter 20, Problem 20.6BPE
Textbook Problem

Cost of units transferred out and ending work in process

The costs per equivalent unit of direct materials and conversion in the Rolling Department of Keystone Steel Company are $60 and $10, respectively. The equivalent units to be assigned costs are as follows:

Equivalent Units
  Direct Materials Conversion
Inventory in process, beginning of period 0 320
Started and completed during the period 7,500 7,500
Transferred out of Rolling (completed) 7,500 7,820
Inventory in process, end of period 1,000 300
Total units to be assigned costs 8,500 8,120

The beginning work in process inventory had a cost of $25,000. Determine the cost of completed and transferred-out production and the ending work in process inventory.

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Chapter 20 Solutions

Accounting
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