cription Direct Materials Conversion Inventory in process, beginning of period 0 3,430 Started and completed during the period 54,570 54,570 Transferred out of Bottling (completed) 54,570 58,000 Inventory in process, end of period 3,530 2,800 Total units to be assigned costs 58,100 60,800

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

The cost per equivalent unit of direct materials and conversion in the Bottling Department of Jolt Beverages  Company is $0.40 and $0.20, respectively. The equivalent units to be assigned costs are as follows:

Line Item Description Direct Materials Conversion
Inventory in process, beginning of period 0 3,430
Started and completed during the period 54,570 54,570
Transferred out of Bottling (completed) 54,570 58,000
Inventory in process, end of period 3,530 2,800
Total units to be assigned costs 58,100 60,800

 

The beginning work in process inventory had a cost of $3,130. Determine the cost of completed and transferred-out production, and the ending work in process inventory.

completed and transferred out production $
Inventory in process, ending $

Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education