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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 t: During August, 104,000 units were transferred in from the Moiding Department at a cost of $2,121,600 and started in Assembling. The Assembling Department incurred other costs of $964,810 in August as follows; At the end of August, 18,000 units remained in inventory that were 80 percent complete with respect to direct materials and 40 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.)
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