The cost per
equivalent unit of direct materials and conversion in the Bottling
Department of Mountain Springs Water Company is $0.45 and $0.12,
respectively. The equivalent units to be assigned costs are as
follows:
Equivalent Units | ||||
Direct Materials | Conversion | |||
Inventory in process, beginning of period | 0 | 3,500 | ||
Started and completed during the period | 57,000 | 57,000 | ||
Transferred out of Bottling (completed) | 57,000 | 60,500 | ||
Inventory in process, end of period | 3,500 | 1,800 | ||
Total units and costs to be assigned | 60,500 | 62,300 |
The beginning work in process inventory had a cost of $2,200. Determine the cost of completed and transferred out production and the ending work in process inventory. Round answers to nearest whole dollar.
Completed and transferred out production | $ |
Inventory in process, ending |
1) Completed and transferred out production = Cost of beginning WIP+Cost added to transferred unit
= 2200+(57000*0.45+60500*.12)
Completed and transferred out production = 35110
2) Cost of ending WIP = (3500*.45+1800*.12) = 1791
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