Kramer Company Started Its Production Operations on August 1

question 86

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.
Required:
a. Calculate the cost of the goods transferred out.
b. What is the value of the ending inventory?
Round intermediate computation to nearest cent.

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Definitions:

Sample Size

The number of observations or items in a subset chosen from a larger population for the purpose of statistical analysis.

Error Level

The magnitude or frequency of mistakes or inaccuracies within a process, system, or document.

Confidence

The measure of certainty or belief in the effectiveness, quality, or reliability of something, often used in statistical analysis or personal assurance.

Sample Proportion

The fraction or percentage of observations from a particular category within a sample, used in statistics to make inferences about populations.