ID: 521940
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Exercise 4-23The following data pertain to Tulsa Paperboard Company, a manufacturer ©Dr. Chula KingAll Rights ReservedConversion171,600The equivalent units of activity for February were as follows: Exercise 4-23 (continued)Calculate the cost of goods completed and transferred out during February and the cost of the February 28 work in process inventory. MaterialConversionTotal Costs incurred,February110,000171,600281,600Total costs to account fo r $115 500$188 600$304 100 ©Dr. Chula KingAll Rights Reserved , , ÷Equivalent units÷110,000÷92,000 Costs per equivalent unit$1.05$2.05$3.10 Exercise 4-23 (continued)1.Cost of goods completed and transferred out during February:Number of units transferred out90,000x Total cost per equivalent unitx $3.10 2.Cost remaining in February 28 work in process:Direct MaterialConversion Total e q uivalent units110 , 00092 000 ©Dr. Chula KingAll Rights Reserved q , Units completed and transferred out(90,000 )(90,000 Equivalent units in ending WIP20,000 2,000 Direct material (20,000 x $1.05)$ 21,000Conversion (2,000 x $2.05)4,100 Total cost remaining in February 28 WIP$ 25,100 Total costs accounted for = $279,000 + $25,100 = $304,100