Cost of units transferred out and ending work in process
The costs per equivalent unit of direct materials and conversion in the Rolling Depart- ment of Keystone Steel Company are $60 and $10, respectively. The equivalent units to be assigned costs are as follows:
equivalent Units
Direct Materials Conversion
|
Inventory in process, beginning of period
|
0
|
|
320
|
|
|
Started and completed during the period
|
7,500
|
|
7,500
|
|
|
Transferred out of Rolling (completed)
|
7,500
|
|
7,820
|
|
|
Inventory in process, end of period
|
1,000
|
|
300
|
|
|
Total units to be assigned costs
|
8,500
|
|
8,120
|
|
The beginning work in process inventory had a cost of $25,000. Determine the cost of completed and transferred-out production and the ending work in process inventory.