Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me on this? I am having trouble with it. Thanks the difference is immaterial 8) FIFO Process Costing Ride Right Inc., manufactures

Can someone help me on this? I am having trouble with it. Thanks image text in transcribed
the difference is immaterial 8) FIFO Process Costing Ride Right Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in Trst-out (FIFO) process costing system. The factory has three departments: Molding. Assembling. and Finishing. Following is information on the beginning work-in-process inventory in the Assembling Department on August 1: Degree of Costs Completion Work-in-process beginning inventory (11,000 units) Transferred-in from Molding $ 97,000 100% Direct materials costs 168 800 Conversion costs 60,000 Work-in-process balance (August 1) $325,800 60 40 Unit: Beg During August, 100,000 units were transferred in from the Molding Department at a cost of $1.930,000 and started in Assembling The Assembling Department incurred other costs of $980,390 in August as follows: Unit Direct materials costs Conversion costs Total August costs August Costs $763.040 217.350 $980,390 Tot CL At the end of August, 20,000 units remained in inventory that were 80 percent complete with respect to direct materials and 50 percent complete with respect to conversion Required: Compute the cost of goods transferred out in August and the cost of work-in-process ending inventory. (Do not round intermediate calculations.)

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

Active Auditing A Practical Guide To Lean And Agile Auditing

Authors: Prescott Coleman, Sandy Kasahara

1st Edition

1092839305, 978-1092839303

More Books

Students also viewed these Accounting questions

Question

Compose the six common types of social business messages.

Answered: 1 week ago

Question

Describe positive and neutral messages.

Answered: 1 week ago