Required information Pacific Ink had beginning work-in-process inventory of $940,960 on October 1. Of this amount, $402,

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Required Information Pacific Ink Had Beginning Work In Process Inventory Of 940 960 On October 1 Of This Amount 402 1 (93.73 KiB) Viewed 17 times

Required information Pacific Ink had beginning work-in-process inventory of $940,960 on October 1. Of this amount, $402,700 was the cost of direct materials and $538,260 was the cost of conversion. The 66,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs. During October, 138,000 units were transferred out and 48,000 remained in ending inventory. The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,591,000 for direct materials and $4,453,260 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.) Cost of goods transferred out Ending inventory