Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process.Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). = $101,320Costs incurred in September Direct materials = $375,000 Conversion. = $341.000Work in process inventory, September 30 (7.000 units, 100% complete with respect to direct materials, 40% complete with respect to conversion) = $___? Units started in September = 28.000 Units completed and transferred to finished goods inventory. = 23.000 < Question >The total variable cost of goods transferred out. The total variable cost of ending work in process inventory.

The total cost of producing a product, including raw materials and operating costs, is detailed in a…

Answered: Information for the Hi-Test company’s…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 9P: Clearwater Candy Co. had a cost per equivalent pound for the month of 4.56 for materials, 1.75 for...

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Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process.

Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). = $101,320
Costs incurred in September

Direct materials = $375,000

Conversion. = $341.000

Work in process inventory, September 30 (7.000 units, 100% complete with respect to direct materials, 40% complete with respect to conversion) = $___?

Units started in September = 28.000

Units completed and transferred to finished goods inventory. = 23.000

< Question >

The total variable cost of goods transferred out.
The total variable cost of ending work in process inventory.

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