Question - Process costing
LSW Co. uses a process costing system to account for manufacturing costs. The following data pertains to the period just ended:
|
|
Direct Material Costs
|
Conversion Costs |
|
Beg. Inv.
|
$5,000
|
$3,000
|
|
Current Production
|
96,000
|
58,000
|
The beginning inventory consisted of 2,500 units of partially complete products that were 80% complete in material costs and 75% complete in conversion costs. Production on 48,000 units was begun during the period, and of those, 3,000 were incomplete at the end of the period. Those units in ending inventory were 30% complete in material costs and 40% complete in conversion costs.
Required: Using the FIFO method, what is LSW's ending inventory and cost of goods manufactured?