Homework Help is Here – Start Your Trial Now!
Business
Accounting
Bellevue Chemicals had beginning work-in-process inventory of $256,535 on March 1. Of this amount, $102,215 was the cost of direct materials and $154,320 was the cost of conversion. The 24,360 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,540 units were transferred out and 15,800 remained in ending inventory. The units in ending inventor were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $969,625 for direct materials and $1,069,971 for conversion. -1. Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. -2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. ost of goods transferred out most of ending inventory

Bellevue Chemicals had beginning work-in-process inventory of $256,535 on March 1. Of this amount, $102,215 was the cost of direct materials and $154,320 was the cost of conversion. The 24,360 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,540 units were transferred out and 15,800 remained in ending inventory. The units in ending inventor were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $969,625 for direct materials and $1,069,971 for conversion. -1. Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. -2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. ost of goods transferred out most of ending inventory

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 14PB: Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units....
See similar textbooks
icon
Related questions
Topic Video
Question


please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)

Bellevue Chemicals had beginning work-in-process inventory of $256,535 on March 1. Of this amount, $102,215 was the cost of direct materials and $154,320 was the cost of conversion. The 24,360 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,540 units were transferred out and 15,800 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $969,625 for direct materials and $1,069,971 for conversion. a-1. Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Cost of ending inventory Reg A1 Req A2 >
Transcribed Image Text:Bellevue Chemicals had beginning work-in-process inventory of $256,535 on March 1. Of this amount, $102,215 was the cost of direct materials and $154,320 was the cost of conversion. The 24,360 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,540 units were transferred out and 15,800 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $969,625 for direct materials and $1,069,971 for conversion. a-1. Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Cost of ending inventory Reg A1 Req A2 >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS