Question
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 | 200 | Materials | Conversion | Total | ||
| Units Started in August | 1400 | Beg. WIP: | $2,164 | $1,296 | $3,460 | |
| Units Completed in August | 1000 | Current Period: | $4,444 | $1,308 | $5,752 | |
| Units in Process, Aug. 30 | 600 | Total: | $6,608 | $2,604 | $9,212 | |
Units in process at the end of August were 30% complete with respect to materials and 40% complete with respect to conversion costs. How much cost should be assigned to ending work-in-process inventory and finished goods inventory (i.e., units transferred out) for the month of August?
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
Computerized Accounting Using QuickBooks Pro 2020
Authors: Alvin A. Arens, D. Dewey Ward, Carol J. Borsum
6th Edition
0912503793, 9780912503790
