Cost of completed units and ending inventory Grey Giant Products Inc. cans peas and use...

Cost of completed units and ending inventory

Grey Giant Products Inc. cans peas and uses an average cost system. For the month of November, the company showed the following:

Peas completed and canned . . . . . . . . . . . . . . . . . 245,000 lb

Peas in process at the end of November:

100% complete as to peas, 50% complete as to labor and overhead, 0% complete as to cans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,500 lb

Cost data:

Peas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.10 per equivalent pound

Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.25 per equivalent pound

Overhead. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.15 per equivalent pound

Cans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.07 per can

Each can contains 16 oz, or 1 lb, of peas.

Required:

1. Calculate the cost of the completed production for November.

2. Show the detailed cost of the ending inventory for November.