Question
On January 1 st , 2019, NHL Inc. had a Beginning Work-in-Process balance of $20,000 ($10,000 of Direct Materials and $10,000 of Conversion) which consisted
On January 1st, 2019, NHL Inc. had a Beginning Work-in-Process balance of $20,000 ($10,000 of Direct Materials and $10,000 of Conversion) which consisted of 10,000 units which were 40% complete with respect to conversion costs.
During January, NHL started production on an additional 40,000 units and incurred $30,000 in Materials and $50,000 in Conversion costs.
NHL's Ending Work-In-Process consisted of 10,000 units which were 50% complete with respect to conversion costs.
NHL produces a single product. All direct materials are added at the start of the production process while conversion costs are incurred uniformly.
NHL uses a weighted-average process costing system.
What is the value of NHL's Finished Goods Inventory at the end of January?
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
Accounting Principles
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
IFRS global edition
1-119-41959-4, 470534796, 9780470534793, 9781119419594 , 978-1119419617
