What is the cost of the goods transferred out during February? (Round intermediary calculations to the nearest cent.)Why are we using the 25% Completed for CC beg WIP vs the 75% completed during the month? Comfort Chair Company manufactures a standard recliner. During February, the firm's Assembly Department started production of 74,000 chairs. During the month, the firm completed 78,900 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,900 chairs in ending inventory. There were 15,800 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing is used by Comfort. Beginning work in process was 25% complete as to conversion costs, while ending work in process was 70% complete as to conversion costs.**Beginning inventory:**- Direct materials $24,100- Conversion costs $35,100**Manufacturing costs added during the accounting period:**- Direct materials $168,700- Conversion costs $278,500What is the cost of the goods transferred out during February? (Round intermediary calculations to the nearest cent.)

Reconciliation of Units Units % already completed % completed this period…

What is the cost of the goods transferred out during February? (Round intermediary calculations to the nearest cent.) Why are we using the 25% Completed for CC beg WIP vs the 75% completed during the month?

What is the cost of the goods transferred out during February? (Round intermediary calculations to the nearest cent.) Why are we using the 25% Completed for CC beg WIP vs the 75% completed during the month?

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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Question

What is the cost of the goods transferred out during February? (Round intermediary calculations to the nearest cent.)

Why are we using the 25% Completed for CC beg WIP vs the 75% completed during the month?

Comfort Chair Company manufactures a standard recliner. During February, the firm's Assembly Department started production of 74,000 chairs. During the month, the firm completed 78,900 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,900 chairs in ending inventory. There were 15,800 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing is used by Comfort. Beginning work in process was 25% complete as to conversion costs, while ending work in process was 70% complete as to conversion costs.

**Beginning inventory:**
- Direct materials $24,100
- Conversion costs $35,100

**Manufacturing costs added during the accounting period:**
- Direct materials $168,700
- Conversion costs $278,500

What is the cost of the goods transferred out during February? (Round intermediary calculations to the nearest cent.)

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