Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The followng infomation apples to the questions displayed below, Bellevue Chemicals had beginning work-in-process inventory of $258,300 on March 1 , Of this

image text in transcribed

Required information [The followng infomation apples to the questions displayed below, Bellevue Chemicals had beginning work-in-process inventory of $258,300 on March 1 , Of this amount, $102,215 was the cost of direct materials and $156,085 was the cost of conversion. The 24,400 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,600 units were transferred out and 15,000 remained in ending inventory. The units in ending irventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $986,665 for direct materials and $1,082,215 for conversion. a-1. Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Complete this question by entering your answers in the tabs below. Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Steven M. Bragg

1st Edition

1642210803, 9781642210804

More Books

Students also viewed these Accounting questions

Question

What challenges does GE have to face in the HRM field today?

Answered: 1 week ago