Cost of Units Transferred Out and Ending Work in Process
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Keystone Steel Company are $60 and $10, respectively. The equivalent units to be assigned costs are as follows:
| |
Equivalent Units |
| |
Direct Materials |
Conversion |
| Inventory in process, beginning of period |
0 |
|
320 |
|
| Started and completed during the period |
7,500 |
|
7,500 |
|
| Transferred out of Rolling (completed) |
7,500 |
|
7,820 |
|
| Inventory in process, end of period |
1,000 |
|
300 |
|
| Total units to be assigned costs |
8,500 |
|
8,120 |
|
The beginning work in process inventory had a cost of $25,000. Determine the cost of completed and transferred-out production and the ending work in process inventory.