Reference no: EM132624840

The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $2.30 and $1.55, respectively. The equivalent units to be assigned costs are as follows:

                                                                                Equivalent Units

                                                                         Direct Materials                    Conversion

Inventory in process, July 1                                 0                          2400

Started and completed during July 1                   6,1000                     61000

Transferred out of Rolling (completed)                6,1000                       63400

Inventory in process, July 31                              5000                          2000

Total units to be assigned costs                            66000              65400

Problem 1: The beginning work in process inventory on July 1 had a cost of $1460. Determine the cost of completed and transferred-out production, the ending work in process inventory , and the total costs assigned by the Rolling Department.