Cost of Units Transferred Out and Ending Work in Process

Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $0.85 and $2.50, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Equivalent Units Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs Direct Materials 56,000 56,000 4,000 60,000 Conversion 3,900 56,000 59,900 1,600 61,500 The beginning work in process inventory on October 1 had a cost of $2,260. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department