Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 65,520 41,418 $ 106,938 $ 145,080 435,942 $ 581,022 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 46,800 partially complete gallons, 25 percent complete with respect to conversion costs. ⚫Units started in July, 93,600 gallons. • Units transferred out in July, 105,300 gallons. Ending inventory, 35,100 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations. Cost of goods transferred out total Ending inventory total $ 2

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average
Method (LO 8-2, 3)
The following cost information is available for July for the Crest Plant at Calvert Company:
Beginning work-in-process inventory
Materials cost
Conversion cost
Total
Current costs
Materials cost
Conversion cost
Total
$ 65,520
41,418
$ 106,938
$ 145,080
435,942
$ 581,022
Materials are added at the beginning of the process. The following quantities have been recorded:
Beginning inventory, 46,800 partially complete gallons, 25 percent complete with respect to conversion costs.
• Units started in July. 93,600 gallons.
• Units transferred out in July, 105,300 gallons.
• Ending inventory, 35,100 gallons, 40 percent complete with respect to conversion costs.
Required:
Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method.
Note: Do not round your intermediate calculations.
Cost of goods transferred out total
Ending inventory total
$
2
Transcribed Image Text:4 eBook Print References Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 65,520 41,418 $ 106,938 $ 145,080 435,942 $ 581,022 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 46,800 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July. 93,600 gallons. • Units transferred out in July, 105,300 gallons. • Ending inventory, 35,100 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations. Cost of goods transferred out total Ending inventory total $ 2
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