Question

n June, one of the processing departments at Football Corporation had beginning work in process inventory of $12,700. During the month, $433,000 of costs were added to production and the cost of units completed and transferred out from the department was $411,000. In the department’s cost reconciliation report for January, the cost of ending work in process inventory for the department would be:

Answer 1

Answer:

$34,700

Explanation:

Calculation to determine what the cost of ending work in process inventory for the department would be:

Using this formula

Cost of ending work in process inventory=Beginning work in process inventory +Costs added to production-Units completed and transferred out

Let plug in the formula

Cost of ending work in process inventory=$12,700+$433,000- $411,000

Cost of ending work in process inventory=$34,700

Therefore the cost of ending work in process inventory for the department would be: $34,700