Question

MegaRock produces quick setting concrete mix. Production of 205,880 tons was started in April, 194,080 tons were completed. Material costs were $3,152,480 for the month while conversion costs were $593,400. There was no beginning work-in-process; the ending work-in-process was 70% complete. What is the cost of the product that was completed and transferred to finished goods

Answer 1

Answer:

The cost of the product that was completed and transferred to finished goods is $3,592,964.27  

Step-by-step explanation:

In the attached I have computed the cost of goods completed and transferred to finished goods.

In arriving at equivalent units of production, I determined the difference between units completed and units started in the product.I further applied the completion % of 70 to the difference to arriving at the equivalent units of closing  inventory in process.

I added the equivalent units to the total units transferred to arrive at total equivalent units.

Find further computations in the attached.

Download xlsx