The Finishing Department of Lon and Lonny, Inc. the last department in the manufacturing process, incurred production costs of $200,000 during the month of June. If the June 1 balance in Work-in-Process Inventory———-Finishing is $0 and the June 30 balance is $50,000, what amount was transferred to Finished Goods Inventory? Determine the formula, then enter the amount transferred to calculate the amount transferred to Finished Goods Inventory (Enter "0" for zero balances. Abbreviation used: FG = finished goods, WIP = workin-process-process.)
The Finishing Department of Lon and Lonny, Inc. the last department in the manufacturing process, incurred production costs of $200,000 during the month of June. If the June 1 balance in Work-in-Process Inventory———-Finishing is $0 and the June 30 balance is $50,000, what amount was transferred to Finished Goods Inventory? Determine the formula, then enter the amount transferred to calculate the amount transferred to Finished Goods Inventory (Enter "0" for zero balances. Abbreviation used: FG = finished goods, WIP = workin-process-process.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Finishing Department of Lon and Lonny, Inc. the last department in the manufacturing process, incurred production costs of $200,000 during the month of June. If the June 1 balance in Work-in-Process Inventory———-Finishing is $0 and the June 30 balance is $50,000, what amount was transferred to Finished Goods Inventory?
Determine the formula, then enter the amount transferred to calculate the amount transferred to Finished Goods Inventory (Enter "0" for zero balances. Abbreviation used: FG = finished goods, WIP = workin-process-process.)
Expert Solution
Step 1
Given,
Cost of total inventory in the month of June= $ 200,000
June 1 WIP Inventory = $0
June 30 WIP Inventory =$50,000
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