Solution-Determine cost of completed and transferred-out

Determine cost of completed and transferred-out production

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Reference no: EM133123838

Question - The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $2.10 and $1.40, respectively. The equivalent units to be assigned costs are as follows:

	Equivalent Units
	Direct Materials	Conversion
Inventory in process, July 1	0	4,600
Started and completed during July	66,000	66,000
Transferred out of Rolling (completed)	66,000	70,600
Inventory in process, July 31	4,000	1,600
Total units to be assigned costs	70,000	72,200

The beginning work in process inventory on July 1 had a cost of $3,040. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.

Reference no: EM133123838

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Determine cost of completed and transferred-out production

Reference no: EM133123838

Reference no: EM133123838

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