Reference no: EM132540747
Point 1: On January 1st, 2019, NHL Inc. had a Beginning Work-in-Process balance of $30,000 ($10,000 of Direct Materials and $20,000 of Conversion) which consisted of 10,000 units which were 50% complete with respect to conversion costs.
Point 2: During January, NHL started production on an additional 20,000 units and incurred $50,000 in Materials and $55,000 in Conversion costs.
Point 3: NHL's Ending Work-In-Process consisted of 8,000 units which were 50% complete with respect to conversion costs. NHL produces a single product.
Point 4: All direct materials are added at the start of the production process while conversion costs are incurred uniformly.
Point 5: NHL uses a weighted-average process costing system.
Question 1: What was the value of NHL's Ending Finished Goods Inventory, assuming that the company sold half of its completed output during the year?
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