FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory Accounting
Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.
Question
Data for May Units: Beginning Work in Process Inventory Shaping Department Insertion Department 30,000 units Production started 100,000 units Transferred in From Previous 80,000 units Department Completed Goods Inv. 80,000 units 100,000 units Ending WIP Inv. 20,000 units 10,000 units Completed as to Direct Material % 40 Completed as to Convers. Work Costs: % 30 % 90 % 50 Beginning Work in Process Inventory Transferred in from Previous Department Direct Materials Added Conversion Costs Added $352,000 $258,000 What is the cost of finished goods inventory in Insertion Department? a. $1,150,000 $100,000 $560,000 $218,000 $ 367,500 b. $600,000 c. $550,000 d. $1,000,000
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Transcribed Image Text:Data for May Units: Beginning Work in Process Inventory Shaping Department Insertion Department 30,000 units Production started 100,000 units Transferred in From Previous 80,000 units Department Completed Goods Inv. 80,000 units 100,000 units Ending WIP Inv. 20,000 units 10,000 units Completed as to Direct Material % 40 Completed as to Convers. Work Costs: % 30 % 90 % 50 Beginning Work in Process Inventory Transferred in from Previous Department Direct Materials Added Conversion Costs Added $352,000 $258,000 What is the cost of finished goods inventory in Insertion Department? a. $1,150,000 $100,000 $560,000 $218,000 $ 367,500 b. $600,000 c. $550,000 d. $1,000,000
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Step 1: Define inventory
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Step 2: Calculate equivalent units
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Step 3: Prepare cost report
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