Required information [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $1,070,790 on October 1. Of this amount, $436,900 was the cost of direct materials and $633,890 was the cost of conversion. The 65,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 136,000 units were transferred out and 47,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,390,200 for direct materials and $4,343,130 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.) Cost of goods transferred out Ending inventory

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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[The following information applies to the questions displayed below.]
Pacific Ink had beginning work-in-process inventory of $1,070,790 on October 1. Of this amount, $436,900 was the cost of
direct materials and $633,890 was the cost of conversion. The 65,000 units in the beginning inventory were 30 percent
complete with respect to both direct materials and conversion costs.
During October, 136,000 units were transferred out and 47,000 remained in ending inventory. The units in ending
inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion
costs. Costs incurred during the period amounted to $3,390,200 for direct materials and $4,343,130 for conversion.
Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate
calculations to 2 decimal places.)
Cost of goods transferred out
Ending inventory
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $1,070,790 on October 1. Of this amount, $436,900 was the cost of direct materials and $633,890 was the cost of conversion. The 65,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 136,000 units were transferred out and 47,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,390,200 for direct materials and $4,343,130 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.) Cost of goods transferred out Ending inventory
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