Cranford Company completed and transferred out 2,900 units in May 2020. There were 200 units in...

Cranford Company completed and transferred out 2,900 units in May 2020. There were 200 units in the Work-in-Process Inventory on May 31, 2020, 30% complete as to conversion costs and 100% complete as to materials. The month's charges for conversion costs and material costs were $13,320 and $9,610, respectively. There was no beginning inventory on May 1, 2020. What is the cost of the work transferred-out during May, assuming that Cranford uses weighted-average process costing?

Expert Solution

Answer

Cost of the work transferred-out = $ 22,040

Calculations:

Particulars	Units	% Material	EUP- Material	% Coversion	EUP - Conversion

Started and completed	2,900	100%	2,900	100%	2,900
Ending Inventory	200	100%	200	30%	60
Total	3,100		3,100		2,960

Costs:
Opening		$ -	$ -
Current period		$ 9,610	$ 13,320
Total		$ 9,610	$ 13,320

Cost per unit		$ 3.10	$ 4.50

Value of Started and completed
Material (2900*3.1)	$ 8,990.00
Conversion cost (2900*4.1)	$ 13,050.00
Total	$ 22,040.00

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