Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $2.30 and $1.85 respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 1,500 Started and completed during October 30,000 30,000 Transferred out of Rolling (completed) 30,000 31,500 Inventory in process, October 31 3,000 1,800 Total units to be assigned costs 33,000 33,300 The beginning work in process inventory on October 1 had a cost of $920. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.

Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $2.30 and $1.85 respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 1,500 Started and completed during October 30,000 30,000 Transferred out of Rolling (completed) 30,000 31,500 Inventory in process, October 31 3,000 1,800 Total units to be assigned costs 33,000 33,300 The beginning work in process inventory on October 1 had a cost of $920. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.

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Description: Cost of Units Transferred Out and Ending Work in ProcessThe costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $2.30 and $1.85,respectively. The equivalent units to be assigned costs are

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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