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July 1, Beginning Work in Process Inventory (18,000 units): Direct Materials (70% complete) Conversion Costs (60% complete) Total WIP July 1 $ 122,400 76,800 $199,200 During July: Units Started Units Completed and Transferred Out Costs incurred during July Direct Materials Conversion $180,000 $288,000 90,000 102,000 July 31, Ending Work in Process Inventory (12,000 units): Direct Materials (60% complete) Conversion (50% complete)

July 1, Beginning Work in Process Inventory (18,000 units): Direct Materials (70% complete) Conversion Costs (60% complete) Total WIP July 1 $ 122,400 76,800 $199,200 During July: Units Started Units Completed and Transferred Out Costs incurred during July Direct Materials Conversion $180,000 $288,000 90,000 102,000 July 31, Ending Work in Process Inventory (12,000 units): Direct Materials (60% complete) Conversion (50% complete)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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July 1, Beginning Work In Process Inventory (18,000 units): Direct Materials (70% complete) Conversion Costs (60% complete) $ 122,400 76,800 Total WIP July 1 $199,200 During July: Units Started Units Completed and Transferred Out Costs incurred during July Direct Materials Conversion $180,000 $288,000 90,000 102,000 July 31, Ending Work in Process Inventory (12,000 units): Direct Materials (60% complete) Conversion (50% complete)
Transcribed Image Text:July 1, Beginning Work In Process Inventory (18,000 units): Direct Materials (70% complete) Conversion Costs (60% complete) $ 122,400 76,800 Total WIP July 1 $199,200 During July: Units Started Units Completed and Transferred Out Costs incurred during July Direct Materials Conversion $180,000 $288,000 90,000 102,000 July 31, Ending Work in Process Inventory (12,000 units): Direct Materials (60% complete) Conversion (50% complete)
Part 1: Determine the number of units started and finished during July Part 2: Determine the costs transferred out to finished goods using FIFO Part 3: Determine the equivalent units for Conversion Costs using Weighted Average
Transcribed Image Text:Part 1: Determine the number of units started and finished during July Part 2: Determine the costs transferred out to finished goods using FIFO Part 3: Determine the equivalent units for Conversion Costs using Weighted Average
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