The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $1.00 and $2.50, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Conversion Inventory in process, July 1 Started and completed during July 1,200 31,000 Transferred out of Rolling (completed) 32,200 Inventory in process, July 31 900 Total units to be assigned costs 33,100 The beginning work in process inventory on July 1 had a cost of $700. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, ending Total costs assigned by the Rolling Department Direct Materials 0 31,000 31,000 3,000 34,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $1.00 and $2.50, respectively. The equivalent units to be assigned costs are as follows:
Equivalent Units
Inventory in process, July 1
Started and completed during July
Transferred out of Rolling (completed)
Inventory in process, July 31
Total units to be assigned costs
Direct Materials
0
31,000
31,000
3,000
34,000
Conversion
1,200
31,000
32,200
1000
900
33,100
The beginning work in process inventory on July 1 had a cost of $700. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.
Completed and transferred-out production.
Inventory in process, ending
Total costs assigned by the Rolling Department
Transcribed Image Text:The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $1.00 and $2.50, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Inventory in process, July 1 Started and completed during July Transferred out of Rolling (completed) Inventory in process, July 31 Total units to be assigned costs Direct Materials 0 31,000 31,000 3,000 34,000 Conversion 1,200 31,000 32,200 1000 900 33,100 The beginning work in process inventory on July 1 had a cost of $700. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production. Inventory in process, ending Total costs assigned by the Rolling Department
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