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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.

FINANCIAL ACCOUNTING
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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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.
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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