Algoma Steel processes a single type of steel. For the current period the following information is given:UnitsMaterial CostsConversion CostsBeginning Inventory$ 200,000.200$ 200,000.Started During the Current Period600$2,000,000.$2,500,270.Ending Inventory100All materials are added at the beginning of the production process. Conversion costs are added evenly throughout the process.The beginning inventory was 40% complete of the process while the ending inventory was 30% complete.Algoma uses the weighted-average costing method.REQUIRED: What is the TOTAL cost assigned to the ending work in process inventory?Oa.$ 315,171.Ob.$ 385,970.Oc$ 276,157.d. $ 619,900.

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What is the TOTAL cost assigned to the ending work in process inventory?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

Algoma Steel processes a single type of steel. For the current period the following information is given:
Units
Material Costs
Conversion Costs
Beginning Inventory
$ 200,000.
200
$ 200,000.
Started During the Current Period
600
$2,000,000.
$2,500,270.
Ending Inventory
100
All materials are added at the beginning of the production process. Conversion costs are added evenly throughout the process.
The beginning inventory was 40% complete of the process while the ending inventory was 30% complete.
Algoma uses the weighted-average costing method.
REQUIRED: What is the TOTAL cost assigned to the ending work in process inventory?
Oa.$ 315,171.
Ob.$ 385,970.
Oc$ 276,157.
d. $ 619,900.

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