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Calculate the amount for cost of goods completed

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Reference no: EM133115330

Question - The following data have been compiled for Lily Enterprises Ltd for the month of August. Conversion occurs uniformly throughout the production process.

Work in process, 1 August - 13,000 units

Direct material (100% complete)

$23,000

Conversion (10% complete)

$6,000

Balance in work in process, 1 August

$29,000

Units started during August

168,000

Units completed during August and transferred out to finished goods inventory

127,000

Work in process, 31 August:

Direct material (100% complete)

Conversion (36% complete)

Costs incurred during August:

Direct material

$171,000

Conversion costs:

Direct labour

$72,000

Manufacturing overhead

$291,000

$363,000

Total production costs incurred during August

$534,000

Required - Calculate the amount for cost of goods completed and transferred out during August.

Reference no: EM133115330

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