The following cost information is available for July for the Crest Plant at Calvert Company:Beginning work-in-process inventoryMaterials costConversion costTotalCurrent costs●Materials costConversion costTotalMaterials are added at the beginning of the process. The following quantities have been recorded:Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs.Units started in July, 80,000 gallons.Units transferred out in July, 90,000 gallons.Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs.$ 56,00035,400$ 91,400Cost of goods transferred outEnding inventory$ 124,000372,600$ 496,600Required:Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.$544,500

Lets understand the basics. There are two methods to calculate equivalent units which are, (1) First…

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 $ 56,000 35,400 $ 91,400 $ 124,000 372,600

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 $ 56,000 35,400 $ 91,400 $ 124,000 372,600

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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