EZ Set Produces a Quick Setting Concrete Powder

question 138

Essay

EZ Set produces a quick setting concrete powder. Production of 15,000 tons was started in September, 14,000 tons were completed. Material costs were $394,670 for the month while conversion costs were $201,730. There was no beginning work-in-process; the ending work-in-process was 20% complete.
Required:
(a) What is the total cost of the product that was completed and transferred to finished goods?
(b) What is the value of the ending work-in-process?

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Definitions:

Price Of Peaches

The cost at which peaches are sold, which can vary based on factors like season and quality.

Bumper Crop

An exceptionally large harvest of crops, often resulting from favorable growing conditions.

Excess Supply

A situation where the quantity of a good or service offered for sale exceeds the quantity demanded at the current price.

Price Of Cheeseburgers

The amount of money required to purchase a cheeseburger in a particular market, influenced by factors such as cost of ingredients, demand, and competition.