Answered step by step
Verified Expert Solution
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started