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 $ 62,160 39,294 $ 101,454 $ 137,640 413,586 $ 551,226 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 44,400 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 88,800 gallons. ⚫ Units transferred out in July, 99,900 gallons. • Ending inventory, 33,300 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

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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
$ 62,160
39,294
$ 101,454
$ 137,640
413,586
$ 551,226
Materials are added at the beginning of the process. The following quantities have been recorded:
⚫ Beginning inventory, 44,400 partially complete gallons, 25 percent complete with respect to conversion costs.
⚫ Units started in July, 88,800 gallons.
⚫ Units transferred out in July, 99,900 gallons.
• Ending inventory, 33,300 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
Transcribed Image Text: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 $ 62,160 39,294 $ 101,454 $ 137,640 413,586 $ 551,226 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 44,400 partially complete gallons, 25 percent complete with respect to conversion costs. ⚫ Units started in July, 88,800 gallons. ⚫ Units transferred out in July, 99,900 gallons. • Ending inventory, 33,300 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
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