Adam Plastics, Inc., manufactures plastic moldings for car seats. Its costing system utilizes two cost categories, direct materials and conversion costs. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production.
Data for February 2012 are:Work in process, beginning inventory, 200 units. Units started during February 600 unitsWork in process, ending inventory, 100 units30% complete as to conversion costs100% complete as to materialsCosts:Work in process, beginning inventory:Direct materials $200,000Conversion costs $200,000Direct materials costs added during February $2,000,000Conversion costs added during February $2,500,000What is the cost assigned to Ending WIP (Ending Inventory) in February? a. $393,162.50b. $4,900,000c. $385,958.90d. None of the above
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