Question
Steve Inc. makes glibs. They need to determine the values of their Ending Inventory and the Cost of Goods Manufactured. They promised you a lot
Steve Inc. makes glibs. They need to determine the values of their Ending Inventory and the Cost of Goods Manufactured. They promised you a lot of money if you could figure out what the value of their ending inventory and cost of goods manufactured was They provided the following data:
They had 15,000 units, 80% complete, in beginning inventory.
Costs accumulated in the beginning inventory included:
$206,000 of Direct Material $98,000 of Direct Labor $306,000 of applied Overhead
They started 18,000 units into production during the period and spent the following during the period'
$570,000 of Direct Material $280,000 of Direct Labor $820,000 of applied Overhead
They had 5,000 units still in process at the end of the period that were 40% complete
Can someone help me understand how I can solve this process costing problem?
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