Schmidt Company manufactures a single product.All material is added at the beginning of the process.

Costs Material Conversion Total

Beginning inventory $ 30,000 $ 3,600 $ 33,600

Current period 885,120 335,088 1,220,208

Total costs $915,120 $338,688 $1,253,808

$\begin{array}{l} \text { UNITS }\ \begin{array}{ll} \text { Beginning inventory (30\% complete-conversion) } & 6,000 &units\ \text { Started } & 180,000&units \ \text { Completed } & 152,000&units \ \text { Ending inventory (70\% complete-conversion) } & 20,000 &units\ \text { Normal spoilage } & 4,800 &units \end{array} \end{array}$Required:Find ending WIP inventory,abnormal loss,and COGM.Assume that,for conversion costs,abnormal shrinkage is 60 percent.

Question

Schmidt Company manufactures a single product.All material is added at the beginning of the process.

Costs	Material	Conversion	Total
Beginning inventory	$ 30,000	$ 3,600	$ 33,600
Current period	885,120	335,088	1,220,208
Total costs	$915,120	$338,688	$1,253,808

$\begin{array}{l} \text { UNITS }\ \begin{array}{ll} \text { Beginning inventory (30\% complete-conversion) } & 6,000 &units\ \text { Started } & 180,000&units \ \text { Completed } & 152,000&units \ \text { Ending inventory (70\% complete-conversion) } & 20,000 &units\ \text { Normal spoilage } & 4,800 &units \end{array} \end{array}$Required:Find ending WIP inventory,abnormal loss,and COGM.Assume that,for conversion costs,abnormal shrinkage is 60 percent.

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The Answer of Schmidt Company manufactures a single product.All material is added at the beginning of the process.

Costs	Material	Conversion	Total
Beginning inventory	$ 30,000	$ 3,600	$ 33,600
Current period	885,120	335,088	1,220,208
Total costs	$915,120	$338,688	$1,253,808

$\begin{array}{l} \text { UNITS }\ \begin{array}{ll} \text { Beginning inventory (30\% complete-conversion) } & 6,000 &units\ \text { Started } & 180,000&units \ \text { Completed } & 152,000&units \ \text { Ending inventory (70\% complete-conversion) } & 20,000 &units\ \text { Normal spoilage } & 4,800 &units \end{array} \end{array}$Required:Find ending WIP inventory,abnormal loss,and COGM.Assume that,for conversion costs,abnormal shrinkage is 60 percent.

Schmidt Company Manufactures a Single Product Required:Find Ending WIP Inventory,abnormal Loss,and COGM