Pantanal inc manufactures car seats in a local factory for

Reference no: EM13606994

Pantanal, Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in, first-out (FIFO) process costing system. The factory has three departments: Molding, Assembling, and Finishing. Following is information on the beginning work-in-process inventory in the Assembling Department on August 1: Work-in-process beginning inventory (11,000 units). Transferred-in from Molding $99,000 cost with degree of completion 100%. Direct materials costs $168,200 with degree of completion 60%. Conversion costs $59,000 with degree of completion 40%. Total work-in-process balance (August 1) $326,200. During August, 100,000 units were transferred in from the Molding Department at a cost of $2,070,000 and started in Assembling. The Assembling Department incurred other costs of $925,920 in August as follows: August Costs where Direct materials costs $743,140, Conversion costs $182,780. Total August costs $ 925,920. At the end of August, 13,000 units remained in inventory that were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion.

COMPUTE THE COST OF GOODS TRANSFERRED OUT IN AUGUST and THE COST OF WORK-IN-PROCESS ENDING INVENTORY. (Round the unit costs for prior department costs,

Reference no: EM13606994

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