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 $0.70 and $0.70, respectively. The equivalent units to be assigned costs are as follows:   Equivalent Units   Direct Materials Conversion Inventory in process, beginning of period 0   2,000   Started and completed during the period 39,000   39,000   Transferred out of Filling (completed) 39,000   41,000   Inventory in process, end of period 4,000   2,400   Total units to be assigned costs 43,000   43,400   The beginning work in process inventory had a cost of $1,220. 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 1 Inventory in process, ending $fill in the blank 2

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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 $0.70 and $0.70, respectively. The equivalent units to be assigned costs are as follows:

  Equivalent Units
  Direct Materials Conversion
Inventory in process, beginning of period 0   2,000  
Started and completed during the period 39,000   39,000  
Transferred out of Filling (completed) 39,000   41,000  
Inventory in process, end of period 4,000   2,400  
Total units to be assigned costs 43,000   43,400  

The beginning work in process inventory had a cost of $1,220. 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 1
Inventory in process, ending $fill in the blank 2
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