Kominski Company completed and transferred 90,000 units during the current period. Based on the following information, determine the cost of the units completed during the current reporting period and journalize the transfer. ?DirectMaterialsDirectLabor/OHCosts of Beginning Work in Process:$576,000$400,000Costs incurred this period2,400,0005,120,000Equivalent units of production96,00092,000
What will be an ideal response?
| Finished Goods Inventory | 8,190,000 |
| Work in Process Inventory | 8,190,000 |
Calculations:
| ? | Direct Materials | ? | Direct Labor/OH |
| Costs of Beginning Work in Process: | $576,000 | ? | $400,000 |
| Costs incurred this period | $2,400,000 | ? | $5,120,000 |
| Total costs incurred | $2,976,000 | ? | 5,520,000 |
| Equivalent units of production | 96,000 | ? | 92,000 |
| Cost per EUP | $31.00 | ? | $60 |
| Costs of units transferred out | ? | ? | ? |
| Direct materials (90,000 ? $31) | $2,790,000 | ? | ? |
| Direct labor & Overhead (90,000 ? $60) | 5,400,000 | ? | ? |
| Total costs transferred out | ? | ? | $8,190,000 |
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