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The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost $ 56,000 Conversion cost 35,400
The following cost information is available for July for the Crest Plant at Calvert Company:
Beginning work-in-process inventory | |
---|---|
Materials cost | $ 56,000 |
Conversion cost | 35,400 |
Total | $ 91,400 |
Current costs | |
Materials cost | $ 124,000 |
Conversion cost | 372,600 |
Total | $ 496,600 |
Materials are added at the beginning of the process. The following quantities have been recorded:
- Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs.
- Units started in July, 80,000 gallons.
- Units transferred out in July, 90,000 gallons.
- Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs.
Required:
Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method.
Cost of goods transferred out total | |
Ending inventory total |
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