Question
In: Accounting
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of...
Cost of Units Transferred Out and Ending Work in Process
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $1.80 and $2.70, respectively. The equivalent units to be assigned costs are as follows:
Equivalent Units
Direct MaterialsConversion
Inventory in process, October 10 2,900
Started and completed during October48,000 48,000
Transferred out of Rolling (completed)48,000 50,900
Inventory in process, October 316,000 3,600
Total units to be assigned costs54,000 54,500
The beginning work in process inventory on October 1 had a cost of $1,650. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.
Completed and transferred-out production$
Inventory in process, October 31$
Total costs assigned by the Rolling Department$
Solutions
Expert Solution
ANSWER:
Required 1) Calculating completed and transferred out production
| Particulars | Amount | Amount |
| Beginning work in process: | ||
| Cost of beginning work in process inventory on October 1 | 1,650 | |
| Add: Conversion cost (2,900 * 2.70) | 7,830 | |
| Total beginning work in process | 9,480 | |
| Started & completed during the period: | ||
| Direct material (48,000 * 1.80) | 86,400 | |
| Conversion Cost (48,000 * 2.70) | 129,600 | 216,000 |
| Completed and transferred out production | 225,480 |
Required 2) Calculating Inventory in process, October 31
| Particulars | Amount |
| Ending work-in-process | |
| Direct materials (6,000 * 1.80) | 10,800 |
| Conversion cost (3,600 * 2.70) | 9,720 |
| Inventory in process, October 31 | 20,520 |
Required 3) Calculating Total costs assigned by the Rolling Department
| Particulars | Amount |
| Completed & transferred-out production | 225,480 |
| Inventory in process, October 31 | 20,520 |
| Total cost assigned by the rolling department | 246,000 |
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