FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Cost of Units Transferred Out and Ending Work in
The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $0.70 and $0.70, respectively. The equivalent units to be assigned costs are as follows:
Equivalent Units | ||||
Direct Materials | Conversion | |||
Inventory in process, beginning of period | 0 | 2,000 | ||
Started and completed during the period | 39,000 | 39,000 | ||
Transferred out of Filling (completed) | 39,000 | 41,000 | ||
Inventory in process, end of period | 4,000 | 2,400 | ||
Total units to be assigned costs | 43,000 | 43,400 |
The beginning work in process inventory had a cost of $1,220. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.
Completed and transferred out of production | $fill in the blank 1 |
Inventory in process, ending | $fill in the blank 2 |
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