Current Attempt in Progress

Ivanhoe Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the

process, and conversion costs are incurred uniformly throughout the process. To assign costs to inventories, the company uses

weighted$-$average process costing.

The following information was available for $2022$:Current Attempt in Progress

Ivanhoe Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the

process, and conversion costs are incurred uniformly throughout the process. To assign costs to inventories, the company uses

weighted$-$average process costing.

The following information was available for $2022$:

Units completed and transferred to finished goods

$161,000$ units

Materials purchased

$143,750$ kilograms

Materials used in process

$156,400$ kilograms

An inventory count at year end $($December $31,2022)$ revealed that the inventories had the following balances:

Raw materials

$9,200$ kilograms

Work in process inventory $(45\%$ complete$)$

$25,300$ units

Finished goods

$51,750$ units

The January $1,2022,$ work in process inventory units are $70\%$ complete. The unit cost of production was the same in $2022$ as it was in

Calculate the following amounts for Ivanhoe Inc.:

Units completed and transferred to finished goods

$161,000$ units

Materials purchased

$143,750$ kilograms

Materials used in process

$156,400$ kilograms

An inventory count at year end $($December $31,2022)$ revealed that the inventories had the following balances:

Raw materials

$9,200$ kilograms

Work in process inventory $(45\%$ complete$)$

$25,300$ units

Finished goods

$51,750$ units

The January $1,2022,$ work in process inventory units are $70\%$ complete. The unit cost of production was the same in $2022$ as it was in

Calculate the following amounts for Ivanhoe Inc.:

Your answer is partially correct.

The opening $($January $1,2022)$ balance in units and costs of $(1)$ raw materials, $(2)$ work in process inventory, and $(3)$ finished goods

eTextbook and Media

Your answer is partially correct.

The opening $($January $1,2022)$ balance in units and costs of $(1)$ raw materials, $(2)$ work in process inventory, and $(3)$ finished goods

eTextbook and Media