Question:
1. The costs per equivalent unit of direct materials and conversion in the Rolling Department of Matco Steel Company are $55 and $12, respectively. The equivalent units to be assigned costs are as follows:
Equivalent Units
Direct Materials Conversion
Inventory in process, beginning of period ............. 0 ............. 228
Started and completed during the period .............. 8,670 ............. 8,670
Transferred out of Rolling (completed) .................8,670 ............. 8,898
Inventory in process, end of period ................... 530 ............. 159
Total units to be assigned costs ........................ 9,200 ............ 9,057
The beginning work in process inventory had a cost of $23,000. Determine the cost of completed and transferred out production and the ending work in process inventory