Quiz 2_Solution - cost of $315,228 during the year....

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6A:130 – Spring 2008 Quiz 2 Name: SOLUTION Class Time: 1:05 ____ or 2:20 ____ Quiz 2 is due at the beginning of class on Thursday, February 14, 2008. If you do not show your work, you will receive zero (0) points. Bubbles Inc. began the year with 15,000 units in department 3 beginning WIP. These units were one- third complete, with $40,470 transferred-in cost for prior departments’ work and $14,322 for department 3 conversion costs. During the year, 93,000 additional units were transferred into department 3 from department 2 at a cost of $224,130. Department 3 incurred material costs of $166,840 and conversion
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Unformatted text preview: cost of $315,228 during the year. Department 3 ended the year with 11,000 units in WIP ending inventory. These units were 40% complete. Required: Assume that conversion costs are incurred evenly and materials are added in department 3 when units are 60% complete. Determine the: Cost of goods completed (and transferred out): $720,092 . (SEE ATTACHED SCHEDULE FOR WORK) Cost of ending WIP: $40,898 . (SEE ATTACHED SCHEDULE FOR WORK) Pg. 2 of 2...
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This note was uploaded on 04/07/2008 for the course ACCT 130 taught by Professor Hartman during the Fall '07 term at University of Iowa.

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Quiz 2_Solution - cost of $315,228 during the year....

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