Kramer Company Started Its Production Operations on August 1

question 153

Essay

Kramer Company started its production operations on August 1.During August,the Printing Department completed 17,600 units.There were 4,400 units in ending inventory which were 80% complete with respect to materials and 10% complete with respect to conversion costs.During August,the department accumulated materials costs of $45,408 and conversion costs of $76,670.
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Required:
(a)Calculate the cost of the goods transferred out.
(b)What is the value of the ending inventory?
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Definitions:

Low-Risk

Pertains to investments or decisions that have a relatively small chance of resulting in financial loss or negative outcomes.

Local Manufacturing

The production of goods within a specific geographic region, typically emphasizing the benefits of reduced transport costs, supporting local economies, and minimizing environmental impact.

Franchising

A business model that allows one party (the franchisee) to operate a business using the branding and business system of another party (the franchisor) in exchange for fees or royalties.

Archeology Investments

Financial contributions or funding directed towards archaeological projects or activities, often aiming to uncover historical insights or preserve cultural heritage.