The Stewart Company had computed the flow of units for Department 123 for the month of July as follows:
$\begin{array}{ll}
\text { Work in process, July 1: } & 10,000 \
\text { Started into production during July } & 39,000 \
\text { Units to be accounted for } & 49,000
\end{array}$ Materials are added at the beginning of the process.There were 8,000 units of work in process at July 31.The work in process at July 1 was 70% complete as to direct labour and factory overhead costs,and the work in process at July 31 was 60% complete as to direct labour and factory overhead costs.What was the cost of the goods transferred out and in ending work in process using the FIFO method?

Question

The Stewart Company had computed the flow of units for Department 123 for the month of July as follows:
 $\begin{array}{ll}
\text { Work in process, July 1: } & 10,000 \
\text { Started into production during July } & 39,000 \
\text { Units to be accounted for } & 49,000
\end{array}$ Materials are added at the beginning of the process.There were 8,000 units of work in process at July 31.The work in process at July 1 was 70% complete as to direct labour and factory overhead costs,and the work in process at July 31 was 60% complete as to direct labour and factory overhead costs.What was the cost of the goods transferred out and in ending work in process using the FIFO method?

Quizplus · Accepted Answer

The Answer of The Stewart Company had computed the flow of units for Department 123 for the month of July as follows:
 $\begin{array}{ll}
\text { Work in process, July 1: } & 10,000 \
\text { Started into production during July } & 39,000 \
\text { Units to be accounted for } & 49,000
\end{array}$ Materials are added at the beginning of the process.There were 8,000 units of work in process at July 31.The work in process at July 1 was 70% complete as to direct labour and factory overhead costs,and the work in process at July 31 was 60% complete as to direct labour and factory overhead costs.What was the cost of the goods transferred out and in ending work in process using the FIFO method?

The Stewart Company Had Computed the Flow of Units for Department