Scorpion Inc. manufactures mobile carts for the St Lucia National Trust. The information below relates to this year 's production. There were 1,000 units in beginning inventory that were 60% complete with regards to conversion. The beginning inventory: materials was valued at $10,000 and conversion: $9,260. During the month 20,000 units were started and 16,000 units were transferred to finish goods. Ending inventory was 100% complete as to materials and 65% complete as to conversion, and total material cost is $46,200 and the total conversion cost is $29,260. Required: using the weighted average method What are the costs per equivalent units? What is the value of the inventory transferred out? What is the value of ending inventory? i. ii. iii.

Scorpion Inc. manufactures mobile carts for the St Lucia National Trust. The information below relates to this year 's production. There were 1,000 units in beginning inventory that were 60% complete with regards to conversion. The beginning inventory: materials was valued at $10,000 and conversion: $9,260. During the month 20,000 units were started and 16,000 units were transferred to finish goods. Ending inventory was 100% complete as to materials and 65% complete as to conversion, and total material cost is $46,200 and the total conversion cost is $29,260. Required: using the weighted average method What are the costs per equivalent units? What is the value of the inventory transferred out? What is the value of ending inventory? i. ii. iii.

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Description: Based on the attached picture using theweighted average method determine:A) What are the costs per equivalent units?B) What is the value of the inventory transferred out?C) What is the value of the ending inventory ? Scorpion Inc. manufactures mobile

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 3PA: Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

100%

Based on the attached picture using the

weighted average method determine:

A) What are the costs per equivalent units?

B) What is the value of the inventory transferred out?

C) What is the value of the ending inventory ?

Scorpion Inc. manufactures mobile carts for the St Lucia National Trust. The information below
relates to this year 's production.
There were 1,000 units in beginning inventory that were 60% complete with regards to
conversion. The beginning inventory: materials was valued at $10,000 and conversion: $9,260.
During the month 20,000 units were started and 16,000 units were transferred to finish goods.
Ending inventory was 100% complete as to materials and 65% complete as to conversion, and
total material cost is $46,200 and the total conversion cost is $29,260.
Required: using the weighted average method
What are the costs per equivalent units?
What is the value of the inventory transferred out?
What is the value of ending inventory?
i.
ii.
iii.
1:23 PM
5/6/2021

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