Required information [The following information applies to the questions displayed below] Bellevue Chemicals had beginning work-in-process inventory of $253,005 on March 1. Of this amount, $102,205 was the cost of direct materials and $150,800 was the cost of conversion. The 24,280 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs During March, 58,420 units were transferred out and 15,400 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $935,795 for direct materials and $1,045,581 for conversion. a-1. Compute the cost of goods transferred out and the cost of ending Inventory for March using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Complete this question by entering your answers in the tabs below.

Required information [The following information applies to the questions displayed below] Bellevue Chemicals had beginning work-in-process inventory of $253,005 on March 1. Of this amount, $102,205 was the cost of direct materials and $150,800 was the cost of conversion. The 24,280 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs During March, 58,420 units were transferred out and 15,400 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $935,795 for direct materials and $1,045,581 for conversion. a-1. Compute the cost of goods transferred out and the cost of ending Inventory for March using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Complete this question by entering your answers in the tabs below.

Name: a-1. Compute the cost of goods transferred out and the cost of ending
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Description: a-1. Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method.a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO?Complete this question by entering your a

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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Bellevue Chemicals had beginning work-in-process inventory of $256,535 on March 1. Of this amount, $102,215 was the cost of direct materials and $154,320 was the cost of conversion. The 24,360 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,540 units were transferred out and 15,800 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $969,625 for direct materials and $1,069,971 for conversion. Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for March using the weighted-average method. Complete this question by entering your answers in the tabs below. Required A Required B Compute…
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