Determine the assignment of costs to goods completed and transferred out and to work in process for November. Costs accounted for: Transferred out Work in process, November 30 Materials Conversion costs Total costs 10

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Determine the assignment of costs to goods completed and transferred out and to work in process for November.
Costs accounted for:
Transferred out
Work in process, November 30
Materials
Conversion costs
Total costs
$
$
Transcribed Image Text:Determine the assignment of costs to goods completed and transferred out and to work in process for November. Costs accounted for: Transferred out Work in process, November 30 Materials Conversion costs Total costs $ $
Ivanhoe Company has several processing departments. Costs to be accounted for in the Assembly Department for November 2025
totaled $2,297,376 as follows.
Work in process, November 1
Materials
Conversion costs
Direct materials added during November
Direct labor incurred during November
Manufacturing overhead assigned during November
$79,100
48,800
$127,900
1,601,380
226,000
342,096
$2,297,376
Production records show that 35,400 units were in beginning work in process 30% complete as to conversion costs, 664,800 units
were started into production, and 24,600 units were in ending work in process 40% complete as to conversion costs. Materials are
added at the beginning of each process, and conversion costs are incurred uniformly throughout the process.
Transcribed Image Text:Ivanhoe Company has several processing departments. Costs to be accounted for in the Assembly Department for November 2025 totaled $2,297,376 as follows. Work in process, November 1 Materials Conversion costs Direct materials added during November Direct labor incurred during November Manufacturing overhead assigned during November $79,100 48,800 $127,900 1,601,380 226,000 342,096 $2,297,376 Production records show that 35,400 units were in beginning work in process 30% complete as to conversion costs, 664,800 units were started into production, and 24,600 units were in ending work in process 40% complete as to conversion costs. Materials are added at the beginning of each process, and conversion costs are incurred uniformly throughout the process.
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