Production information shows the following costs and units for the smoothing department in August. Cost Units Work in process Beginning balance: materials $1,550 Beginning units 660 Beginning balance: conversion 2,500 Transferred in 1,790 Materials 7,025 Transferred out 1,850 Labor 14,510 Overhead 7,350 All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. what is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month? Transferred out Ending inventory

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Production information shows the following costs and units for the smoothing department in August.
Cost
Units
Work in process
Beginning balance: materials
$1,550 Beginning units
660
Beginning balance: conversion
2,500 Transferred in 1,790
Materials
7,025 Transferred out 1,850
Labor
14,510
Overhead
7,350
All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods
and the value of the WIP inventory at the end of the month?
Transferred out
Ending inventory $
Transcribed Image Text:Production information shows the following costs and units for the smoothing department in August. Cost Units Work in process Beginning balance: materials $1,550 Beginning units 660 Beginning balance: conversion 2,500 Transferred in 1,790 Materials 7,025 Transferred out 1,850 Labor 14,510 Overhead 7,350 All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month? Transferred out Ending inventory $
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