P6-9 Page 360 Cost of units completed and ending inventory; FIFO method Clearwater Candy Co....
60.1K
Verified Solution
Link Copied!
Question
Accounting
P6-9 Page 360
Cost of units completed and ending inventory; FIFO method Clearwater Candy Co. had a cost per equivalent pound for the month of $4.56 for materials, $1.75 for labor, and $1.00 for over- head. During the month, 10,250 lb were completed and transferred to finished goods. The 3,200 lb in ending work in process were 100% complete as to materials and 60% complete as to labor and overhead. At the beginning of the month, 1,500 lb were in process, 100% complete as to materials and 50% complete as to labor and overhead. The beginning inventory had a cost of $8,775. Clear- water uses FIFO costing.
What is the total cost of units transferred out?
What is the total cost of units in ending balance?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
