A company started a new product, and in the first month started 80,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 80,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $6 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method? Cost of inventory transferred $

A company started a new product, and in the first month started 80,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 80,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $6 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method? Cost of inventory transferred $

Name: A company started a new product, and in the first monthstarted 80,000
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Description: A company started a new product, and in the first monthstarted 80,000 units. The ending work in process inventorywas 20,000 units that were 100% complete with materialsand 75% complete with conversion costs. There were80,000 units to account for, an

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Production data show 23,185 units were transferred out of a stage of production and 9,366 units remained in ending WIP inventory that was 100% complete to material and 52% complete to conversion. The unit material cost is $2 for material and $9 for conversion. What is the amount of inventory transferred out? Round to the nearest whole dollar, no decimals.
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Subject: accounting