EZ Set produces a quick setting concrete powder. Production of 15,000 tons was started in September, 14,000 tons were completed. Material costs were $394,670 for the month while conversion costs were $201,730. There was no beginning work-in-process; the ending work-in-process was 20% complete.Required:(a) What is the total cost of the product that was completed and transferred to finished goods?(b) What is the value of the ending work-in-process?
What will be an ideal response?
Equivalent production = 14,000 + [20% × (15,000 - 14,000)] = 14,200 tons;
Cost per unit = ($394,670 + $201,730)/14,200 = $42
(a)
Costs transferred = 14,000 × $42 = $588,000
(b)
Ending WIP: [20% × (15,000 - 14,000)] × $42 = $8,400
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Answer the following statement true (T) or false (F)