Compute what is the cost of goods transferred out

Assignment Help Accounting Basics

Reference no: EM131955847

Problem

Pacific Ink had beginning work-in-process inventory of $861,960 on October 1. Of this amount, $351,920 was the cost of direct materials and $510,040 was the cost of conversion.The 54,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 114,000 units were transferred out and 36,000 remained in ending inventory.The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,721,900 for direct materials and $3,478,200 for conversion.

Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method.

Reference no: EM131955847

Questions Cloud

What is total amount of energy received by planet : If the planet radius is 5000km what is the total amount of energy received by the planet from its "sun"?

Managers pay dividends because of investor demand : The catering theory of dividends suggests that managers pay dividends because of investor demand.

How much annual net profit would machine have : How much annual net profit would Machine B have to gather for you to be indifferent: between Machine B and Machine A? Assume an annual discount rate of 6%.

Professor wants the distance between the and maxima : What slit separation is required in order to produce the desired interference pattern? Express your answer to two significant figures and include

Compute what is the cost of goods transferred out : Compute what is the cost of goods transferred out and the cost of ending inventory using the FIFO method.

What is the present value cost of lease : What is the present value cost of this lease to you if your prevailing interest rate is the 1.0% per month?

Cash disbursements and cash float : Discuss the management of accounts receivable collections, cash disbursements and cash float.

Windows of some department stores : To reduce glare from the surroundings, the windows of some department stores, rather than being vertical, slant inward at the bottom.

Why you believe the first builds customer value : Choose three companies. Post your thoughts on why you believe the first builds customer value through value excellence, the second through operational.

User Account

All Pages