Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pacific ink had beginning work-in-process inventor

Pacific Ink had beginning work-in-process inventory of $985,960 on October 1. Of this amount, $412,500...

60.1K

Verified Solution

Question

Accounting

Pacific Ink had beginning work-in-process inventory of $985,960 on October 1. Of this amount, $412,500 was the cost of direct materials and $573,460 was the cost of conversion. The 60,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs.

During October, 126,000 units were transferred out and 42,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,186,000 for direct materials and $3,943,680 for conversion.

a-1. Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method.

a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO?

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!
Become a Member

Other questions asked by students

Q

Consider the low-speed airflow over the NACA 0012 airfoil at low angles of attack. The Reynolds...

Mechanical Engineering
Q

Find the measures of the numbered angles in the kite m 1 O B A...

Geometry
Q

Solve the system of equations by the addition method.5x - y = 153x + y...

Basic Math
Q

A ladder leaning against a wall makes an angle of 68 degrees withlevel ground. The...

Basic Math
Q

Part 2 of 2 a Squares with sides of length x are cut out of...

Calculus
Q

(No Work = No Credit) Two polynomials P and D are given. Use Long Division...

Algebra
Q

Under a SIMPLE-_IRA, ,the 2020 maximum elective deferral contributions for a person a the extra...

Accounting
Q

Horticultural Products Inc. reported $928,470 profit in 2023 and declared preferred dividends of...

Accounting
Q

Jay received the following fair market value amounts during the current year: Interest on Montgomery...

Accounting
Q

please help me finish this question Exercise 6-7 (Algo) Record...

Accounting
Q

6. Vermes enters into a contract offering variable consideration. The contract pays him $10,000/month for...

Accounting
Q

Imagine you are the accounting manager for a manufacturing company's fixed assets department. The CFO...

Accounting