Solution-What was the cost of the goods transferred out

What was the cost of the goods transferred out

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Reference no: EM132735801

Work in process,

May 1: 10,000 Started into production during May 39,000 Units to be accounted for 49,000

Beginning work in process Added during the current month Materials $20,800 $ 97,500

Labor 5,200 34,920

Factory overhead 4,800 32,980

Total $30,800 $165,400

Materials are added at the beginning of the process. There were 8,000 units of work in process at May 31. The work in process at May 1 was 70 percent complete as to conversion costs and the work in process at May 31 was 60 percent complete as to conversion costs.

Problem 1: What was the cost of the goods transferred out and in ending work in process using the FIFO method?

Reference no: EM132735801

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What was the cost of the goods transferred out

Reference no: EM132735801

Reference no: EM132735801

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