Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company uses process costing and provides the following information for the month of August: Physical Flow in August Cost Data for August Units in

A company uses process costing and provides the following information for the month of August:

Physical Flow in August Cost Data for August
Units in Process, Aug. 1 100 Materials Conversion Total
Units Started in August 1100 Beg. WIP: $734 $1,547 $2,281
Units Completed in August 1120 Current Period: 12,708 $13,897 $26,605
Units in Process, Aug. 30 80 Total: $13,442 $15,444 $28,886

Units in process at the end of August were 30% complete with respect to materials and conversion costs.

How much cost should be assigned to ending work-in-process inventory for the month of August? (Round all intermediate calculations and the final answer to the nearest dollar and cents.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Thomas Edmonds, Philip Olds, Frances McNair, Bor-Yi Tsay

1st Edition

0073526770, 9780073526775

More Books

Students also viewed these Accounting questions

Question

=+a) Compute the EV for each alternative decision.

Answered: 1 week ago

Question

1. What will happen in the future

Answered: 1 week ago

Question

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago