Production Information shows the following costs and units for the smoothing department in August. Cost Units Work in process Beginning balance: materials $1,600 Beginning units 650 Beginning balance: conversion 2,400 Transferred in 1,750 Materials 7,040 Transferred out 1,800 Labor 14,500 Overhead 8,840 All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion, What is the value of the inventory tra transferred to finished goods and the value of the WIP Inventory at the end of the month? Transferred out 29,520 Ending Inventory 4,771 X Check My Wor Add the beginning units to the units transferred in to determine units to account for. Subtract the ending work in process units to determine the number of units transferred out. From there, apply the percentages for both materials and conversion to the ending Inventory amount and add it to the units completed and transferred out Remember that costs assigned to materials are only material-related costs. Costs assign to conversion is the other product costs involved in the manufacturing process The cost of units transferred out is determined by considering the units transferred out and the individual costs per unit for both materials and conversion The ending inventory cost factors in the weights for materials and conversion and implements the individual costs per unit for both materials and conversion in the calculation