The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost O Conversion cost Total Current costs Materials cost Conversion cost Total $ 56,560 35,754. $ 92,314 $ 125,240 376,326 $ 501,566 Materials are added at the beginning of the process. The following quantities have been recorded: . Beginning inventory, 40,400 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 80,800 gallons. . Units transferred out in July, 90,900 gallons. Ending inventory, 30,300 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.
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost O Conversion cost Total Current costs Materials cost Conversion cost Total $ 56,560 35,754. $ 92,314 $ 125,240 376,326 $ 501,566 Materials are added at the beginning of the process. The following quantities have been recorded: . Beginning inventory, 40,400 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 80,800 gallons. . Units transferred out in July, 90,900 gallons. Ending inventory, 30,300 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
O Conversion cost
Total
Current costs
.
Materials cost
Conversion cost
Total
$ 56,560
35,754.
$ 92,314
Materials are added at the beginning of the process. The following quantities have been recorded:
.
Beginning inventory, 40,400 partially complete gallons, 25 percent complete with respect to conversion costs.
• Units started in July, 80,800 gallons.
Units transferred out in July, 90,900 gallons.
Ending inventory, 30,300 gallons, 40 percent complete with respect to conversion costs.
$ 125,240
376,326
$ 501,566
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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Step 1: Introducing Equivalent Units Production
VIEWStep 2: Working for Calculation of equivalent units- Weighted average method
VIEWStep 3: Working for Computation of Cost Per Equivalent Units
VIEWStep 4: Working for Computation of Cost of goods transferred out
VIEWStep 5: Working for Computation of Cost of ending inventory
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