Cost of Units Transferred Out and Ending Work in ProcessThe costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $2.10 and $0.45, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct MaterialsConversionInventory in process, beginning of period0 2,200 Started and completed during the period43,000 43,000 Transferred out of Filling (completed)43,000 45,200 Inventory in process, end of period4,000 1,200 Total units to be assigned costs47,000 46,400 The beginning work in process inventory had a cost of $1,500. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.Completed and transferred out of production$fill in the blank 1Inventory in process, ending$fill in the blank 2

Answered: Completed and transferred out of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost of Units Transferred Out and Ending Work in Process

The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $2.10 and $0.45, respectively. The equivalent units to be assigned costs are as follows:

	Equivalent Units
	Direct Materials	Conversion
Inventory in process, beginning of period	0		2,200
Started and completed during the period	43,000		43,000
Transferred out of Filling (completed)	43,000		45,200
Inventory in process, end of period	4,000		1,200
Total units to be assigned costs	47,000		46,400

The beginning work in process inventory had a cost of $1,500. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.