The inventor at May 1 and the costs charged to Work in process-Department B duri

Question

The inventor at May 1 and the costs charged to Work in process-Department B during May for Star Company are as follows: During May, all direct materials are transferred from Department A, the units in process at May 1 were complete and of the units entering the department, all were complete except the units in ending WIP inventory, noted below. Inventories are costed by the first-in, first-out method. Prepare a cost of production report for May. Round all amounts to the nearest dollar, with the exception of the cost per unit calculations which should be rounded to the nearest penny.

Explanation / Answer

Beginning Inventory = Ending Inventory – Purchases during the Period(produced) + Acquired Inventory

so,12000=6500-55000+X

so,X=60500

so,total inventory units=60500

Total Cost=$62400+$115500+$364915+$148000-$67019=$63796

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