The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 58,240 36,816 $ 95,056 $ 128,960 387,504 $ 516,464 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,600 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 83,200 gallons. Units transferred out in July, 93,600 gallons. Ending inventory, 31,200 gallons, 40 percent complete with respect to conversion costs. Cost of goods transferred out total Ending inventory total equired: ompute the cost of goods transferred out and the ending inventory for July using the weighted-average method ote: Do not round your intermediate calculations.
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 58,240 36,816 $ 95,056 $ 128,960 387,504 $ 516,464 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,600 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 83,200 gallons. Units transferred out in July, 93,600 gallons. Ending inventory, 31,200 gallons, 40 percent complete with respect to conversion costs. Cost of goods transferred out total Ending inventory total equired: ompute the cost of goods transferred out and the ending inventory for July using the weighted-average method ote: Do not round your intermediate calculations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following cost information is available for July for the Crest Plant at Calvert Company:
Beginning work-in-process inventory
Materials cost
Conversion cost
Total
Current costs
Materials cost
Conversion cost
Total
$ 58,240
36,816
$ 95,056
$ 128,960
387,504
$ 516,464
Materials are added at the beginning of the process. The following quantities have been recorded:
Beginning inventory, 41,600 partially complete gallons, 25 percent complete with respect to conversion costs.
• Units started in July, 83,200 gallons.
• Units transferred out in July, 93,600 gallons.
.
Ending inventory, 31,200 gallons, 40 percent complete with respect to conversion costs.
Cost of goods transferred out total
Ending inventory total
Required:
Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method.
Note: Do not round your intermediate calculations.
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