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Pantanal, Inc., manufactures car seats in a local factory. For costing purposes. It uses a first-in, first-out (FIFO) process costing system. The factory has three
Pantanal, Inc., manufactures car seats in a local factory. For costing purposes. It uses a first-in, first-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 (11,882 units) Transferred-in from Molding $ 99,000 Direct materials costs 154,600 Conversion costs 56,00 Work-in-process balance (August 1) $389, 688 100% 50 40 During August, 106.000 units were transferred in from the Molding Department at a cost of $2,035,200 and started in Assembling. The Assembling Department incurred other costs of $1,237,155 in August as follows: August Costs $948,470 Conversion costs 296,685 Total August costs Direct materials costs $1,237,155 At the end of August, 17.000 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.) Cost of goods transferred out Cost of WP ending inventory
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