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 $ 57,680 36,462 $94,142 $ 127,720 383,778 Total $ 511,498 Materials are added at the beginning of the process. The following quantities have been recorded: • Beginning inventory, 41,200 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 82,400 gallons. Units transferred out in July, 92,700 gallons. • Ending inventory, 30,900 gallons, 40 percent complete with respect to conversion costs. 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 Conversion cost Total Current costs Materials cost Conversion cost $ 57,680 36,462 $94,142 $ 127,720 383,778 Total $ 511,498 Materials are added at the beginning of the process. The following quantities have been recorded: • Beginning inventory, 41,200 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 82,400 gallons. Units transferred out in July, 92,700 gallons. • Ending inventory, 30,900 gallons, 40 percent complete with respect to conversion costs. 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
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
$ 57,680
36,462
$94,142
$ 127,720
383,778
Total
$ 511,498
Materials are added at the beginning of the process. The following quantities have been recorded:
• Beginning inventory, 41,200 partially complete gallons, 25 percent complete with respect to conversion costs.
• Units started in July, 82,400 gallons.
• Units transferred out in July, 92,700 gallons.
Conversion cost
• Ending inventory, 30,900 gallons, 40 percent complete with respect to conversion costs.
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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