Determine cost of completed and transferred-out production

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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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