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Company X processes a single type of wood. During the current period the follow...
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Company X processes a single type of wood. During the current period the following information was given:
|
Units
|
Material Costs
|
Conversion Costs
|
Beginning Inventory
|
4800
|
$6100
|
$5600
|
Started During the Current Period
|
21400
|
$50220
|
$66400
|
Ending Inventory
|
4500
|
|
|
All materials are added at the beginning of the production process and conversion costs are added evenly during the process. The beginning inventory was 25% complete as to conversion, while the ending inventory was 40% completed for conversion purposes. Company X uses the first-in, first-out system of process costing. What were the costs assigned to the units transferred out this period?