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Question
Refer to the following information about the Painting Department in the Richardson Factory for the month of June. Richardson Factory uses the weighted-average method of inventory costing.
Beginning goods in process inventory:
Physical units...................................................... ...................................................... 5,000..................................... units
% complete for materials...................................................... ........................................ 70%
% complete for labor and overhead...................................................... ........................................ 25%
Materials cost from May...................................................... ......................................... $7,350
Labor and overhead cost from May...................................................... .......................................... $3,125
Product started and completed:
Physical units............................................ ............................................ 40,000........................ units
Ending goods in process inventory:
Physical units...................................................... ...................................................... 4,000.................................... units
% complete for materials...................................................... .............................................. 40%
% complete for labor and overhead...................................................... .............................................. 10%
Manufacturing costs for June:
Materials...................................................... ......................................... $96,975
Labor and overhead $79,470
Compute the total cost of all units that were completed and transferred to finished goods during June. Compute the total cost of the ending goods in process inventory.
Answer
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Related questions
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