Costs assigned to production: Direct Total Materials Conversion Inventory in process, August 1 $ Costs incurred in August Total costs accounted for by the Roasting Department osts allocated to completed and partially completed units: Inventory in process, August 1 balance To complete inventory in process, August 1 $4 $4 Cost of completed August 1 work in process Started and completed in August Transferred to finished goods in August (3) $ Inventory in process, August 31 (4) Total costs assigned by the Roasting Department %24

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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Costs assigned to production:
Direct
Total
Materials Conversion
Inventory in process, August 1
$
Costs incurred in August
Total costs accounted for by the Roasting Department
osts allocated to completed and partially completed units:
Inventory in process, August 1 balance
To complete inventory in process, August 1
$4
$4
Cost of completed August 1 work in process
Started and completed in August
Transferred to finished goods in August (3)
$
Inventory in process, August 31 (4)
Total costs assigned by the Roasting Department
%24
Transcribed Image Text:Costs assigned to production: Direct Total Materials Conversion Inventory in process, August 1 $ Costs incurred in August Total costs accounted for by the Roasting Department osts allocated to completed and partially completed units: Inventory in process, August 1 balance To complete inventory in process, August 1 $4 $4 Cost of completed August 1 work in process Started and completed in August Transferred to finished goods in August (3) $ Inventory in process, August 31 (4) Total costs assigned by the Roasting Department %24
Expert Solution
Solution a)

Particular

 

Direct Material

Conversion

Total

Inventory in process

 

 

$3479

Costs incurred in August

 

 

87722

Total cost accounted for by the Roasting Department

 

 

$91201

Costs allocated to completed and partially completed units:

 

 

 

Inventory in process, August 1 balance

 

 

$ 3479

To complete inventory in process, August 1

$ 0

$ 840

840

Cost of completed August 1 work-in-progress

 

 

$ 4319

Started and completed in August

63940

20850

84790

Transferred to finished goods in August (3)

 

 

$ 89109

Inventory in process, August 31(4)

1840

252

2092

Total costs assigned by the Roasting Department

 

 

$ 91201

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