Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 62,160 39,294 $ 101,454 $ 137,640 413,586 $ 551,226 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 44,400 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 88,800 gallons. ⚫ Units transferred out in July, 99,900 gallons. • Ending inventory, 33,300 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations. Cost of goods transferred out total Ending inventory total
Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 62,160 39,294 $ 101,454 $ 137,640 413,586 $ 551,226 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 44,400 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 88,800 gallons. ⚫ Units transferred out in July, 99,900 gallons. • Ending inventory, 33,300 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations. Cost of goods transferred out total Ending inventory total
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter6: Process Costing
Section: Chapter Questions
Problem 46E: Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes...
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