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 Kraus Steel Company are $750 and $120, respectively. The equivalent units to be assigned costs are as follows:
Equivalent Units
Inventory in process, October 11
Started and completed during October
Transferred out of Rolling (completed)
Inventory in process, October 31
Total units to be assigned costs
Direct Materials
0
3,700
3,700
300
4,000
Conversion
80
3,700
3,780
75
3,855
The beginning work in process inventory on October 1 had a cost of $163,800. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned
Department.
