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:

Primary Source

An original document or firsthand account of an event, used as a direct source of information about the topic.

External Criticism

a process in the evaluation of historical sources, focusing on the authenticity and origin of the document rather than its content.

Guinness Book

A reference book published annually, listing world records both of human achievements and the extremes of the natural world.

Tertiary

Refers to the third level or stage in a sequence; in education, it commonly relates to post-secondary education such as universities and colleges.