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eBook Show Me How Question Content Area Cost of Units Transferred Out and Ending Work...

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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 Jabari Steel Company are $0.75 and $2.05, respectively. The equivalent units to be assigned costs are as follows:

Equivalent Units Direct Materials Equivalent Units Conversion
Inventory in process, October 1 0 3,500
Started and completed during October 58,000 58,000
Transferred out of Rolling (completed) 58,000 61,500
Inventory in process, October 31 6,000 3,000
Total units to be assigned costs 64,000 64,500

The beginning work in process inventory on October 1 had a cost of $2,310. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.

Line Item Description Amount
Completed and transferred-out production $fill in the blank 1
Inventory in process, October 31 $fill in the blank 2
Total costs assigned by the Rolling Department $fill in the blank 3
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