Question
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost $ 57,680 Conversion cost 36,462
The following cost information is available for July for the Crest Plant at Calvert Company:
Beginning work-in-process inventory | |
---|---|
Materials cost | $ 57,680 |
Conversion cost | 36,462 |
Total | $ 94,142 |
Current costs | |
Materials cost | $ 127,720 |
Conversion cost | 383,778 |
Total | $ 511,498 |
Materials are added at the beginning of the process. The following quantities have been recorded:
Beginning inventory, 41,200 partially complete gallons, 25 percent complete with respect to conversion costs.
Units started in July, 82,400 gallons.
Units transferred out in July, 92,700 gallons.
Ending inventory, 30,900 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.
Note: Do not round your intermediate calculations.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started