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 Oak Ridge Steel Company are $1.20 and $1.35, respectively. The equivalent units to be assigned costs are as follows:   Equivalent Units   Direct Materials Conversion Inventory in process, July 1 0   4,000   Started and completed during July 67,000   67,000   Transferred out of Rolling (completed) 67,000   71,000   Inventory in process, July 31 9,000   4,500   Total units to be assigned costs 76,000   75,500   The beginning work in process inventory on July 1 had a cost of $2,600. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production $ Inventory in process, ending $ Total costs assigned by the Rolling Department $

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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 Rolling Department of Oak Ridge Steel Company are $1.20 and $1.35, respectively. The equivalent units to be assigned costs are as follows:

  Equivalent Units
  Direct Materials Conversion
Inventory in process, July 1 0   4,000  
Started and completed during July 67,000   67,000  
Transferred out of Rolling (completed) 67,000   71,000  
Inventory in process, July 31 9,000   4,500  
Total units to be assigned costs 76,000   75,500  

The beginning work in process inventory on July 1 had a cost of $2,600. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.

Completed and transferred-out production $
Inventory in process, ending $
Total costs assigned by the Rolling Department $
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