Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-orocess inventory is 70% complete with respect to conversion; the ending work-in-process inventory i complete. The following data pertain to May: is 55 Units Work in process, May 1 16,400 Units started during May 67,000 Units completed and transferred out 75,000 Work in process, May 31 8,400 Total Direct Materials Conversion Costs Costs: Work in process, May 1 48.250 S 19.300 28,950 Costs incurred during May 238,030 74,800 164,030 Totals S 287,080 S 94,100 S 192980 Using the weighted-average method of process costing, the cost of goods completed and transferred during May is: Multiole Choice $237,988. $296,242 S202142 S266,405. None of the answers is correct. %24

Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-orocess inventory is 70% complete with respect to conversion; the ending work-in-process inventory i complete. The following data pertain to May: is 55 Units Work in process, May 1 16,400 Units started during May 67,000 Units completed and transferred out 75,000 Work in process, May 31 8,400 Total Direct Materials Conversion Costs Costs: Work in process, May 1 48.250 S 19.300 28,950 Costs incurred during May 238,030 74,800 164,030 Totals S 287,080 S 94,100 S 192980 Using the weighted-average method of process costing, the cost of goods completed and transferred during May is: Multiole Choice $237,988. $296,242 S202142 S266,405. None of the answers is correct. %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $ 57,000 36,000 $ 93,000 $ 130,000 380,000 $ 510,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,000 partially complete gallons, 35 percent complete with respect to conversion costs. • Units started in July, 81,000 gallons. • Units transferred out in July, 91,000 gallons. Ending inventory, 31,000 gallons, 50 percent complete with respect to conversion costs. Cost of goods transferred out Ending inventory Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
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