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EB6.
LO 5.3What are the total costs to account for if a company’s beginning inventory had $23,432 in materials and $18,450 in conversion costs, and added direct material costs ($41,392), direct labor ($23,192), and manufacturing overhead ($62,500)?

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Answer:

Total cost to account for

                                        Material      Conversion

                                             $                 $                                

Beginning inventory       23,432        18,450

Cost added                     41,392        85,692

Total cost to account for 64,824      104,142

Explanation:  

Total cost to account for is the aggregate of cost of beginning inventory and cost added during the period.  Conversion cost is the sum of labour and overhead. Thus, the cost added of conversion is $23,192 plus $62,500, which is equal to $85,692.                                                  

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