Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory Cost per equivalent unit 2,020 $ 13.96 820 $ 5.13 A total of 21,000 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) Materials Conversion Total 1. Cost of ending work in process inventory 2. Cost of units transferred out

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process
costing, appear below:
Materials
Conversion
Equivalent units in ending work in process inventory
Cost per equivalent unit
2,020
$ 13.96
820
$ 5.13
A total of 21,000 units were completed and transferred to the next processing department during the period.
Required:
1. Compute the cost of ending work in process inventory for materials, conversion, and in total.
2. Compute the cost of the units completed and transferred out for materials, conversion, and in total.
(For all requirements, round your final answers to the nearest whole dollar amount.)
Materials
Conversion
Total
1. Cost of ending work in process inventory
2. Cost of units transferred out
Transcribed Image Text:Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory Cost per equivalent unit 2,020 $ 13.96 820 $ 5.13 A total of 21,000 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) Materials Conversion Total 1. Cost of ending work in process inventory 2. Cost of units transferred out
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