Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Santos company manufactures a deluxe sofa. In July, there were 16,000 sofas in beginning inventory. The firm's Assembly Department started production of 87.000 sofas. During

image text in transcribed
Santos company manufactures a deluxe sofa. In July, there were 16,000 sofas in beginning inventory. The firm's Assembly Department started production of 87.000 sofas. During the month, the firm completed 73,000 sofas and transferred them to the Finishing Department. The formended the month with 30.000 sofas in ending inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process casting is used. Beginning work in process was 40% complete as to conversion costs, while ending work in process was 70% complete as to conversion costs . Beginning inventory Direct materials Conversion costs $35,000 $55,000 Manufacturing costs added during the accounting period. Direct materials $295.800 Conversion costs $316,000 What is the cost of goods completed and transferred out? (Round intermediary dollar amounts to the nearest cent) $193.800 $309.520 $524226 5476.184

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

Data Analytics For Accounting

Authors: Vernon Richardson

3rd Edition

1264444907, 9781264444908

More Books

Students also viewed these Accounting questions

Question

7. One or other combination of 16.

Answered: 1 week ago