80.2K

Verified Solution

Link Copied!

Explain how you find each number

T2-2 Processing costing: Cost flows (LO 2) Fill in the missing data (ignore indirect materials).

	Raw Materials Inventory		WIPDepartment 1		WIPDepartment 2		Finished Goods Inventory
Beginning balance	$150,000		$ 60,000		$ 51,000		$250,000
Materials purchased	805,000
Direct materials used		$800,000	630,000		c.
Conversion costs incurred			516,000		180,000
Transfers of completed units				$1,100,000	d.	e.	f.	g.
Cost of goods sold
Ending balance	a.		b.		$ 31,000		$150,000

T2-3 Process costing: Cost flows (LO 2) Fill in the missing data (ignore indirect materials).

	Raw Materials Inventory		WIPDepartment 1		WIPDepartment 2		Finished Goods Inventory
Beginning balance	a.		$ 36,000		$ 13,000		$63,000
Materials purchased	$250,000
Direct materials used		b.	200,000		80,000
Conversion costs incurred			85,000		e.
Transfers of completed units				d.	300,000	f.	g.
Cost of goods sold								$512,000
Ending balance	$ 16,000		c.		$ 8,000		$41,000

Answer & Explanation Solved by verified expert

See Answer