The inventory at June 1 and costs charged to Work in Process—Department 60 during June are as follows: 3,800 units, 80% completed ($25,000 materials, $35,400 conversion)   $60,400 Direct materials, 32,000 units   368,000 Direct labor   244,000 Factory overhead   188,000    Total cost to be accounted for   $860,400   During June, 32,000 units were placed into production and 31,200 units were completed, including those in inventory on June 1. On June 30, the inventory of work in process consisted of 4,600 units that were 40% completed. Inventories are costed by the weighted average method and all materials are added at the beginning of the process. c.  Total and unit cost of finished goods completed in the current period. Unit cost of finished goods completed: $fill in the blank 4 Total cost of goods completed during the period: $fill in the blank 5 d.  Total cost of work in process inventory at June 30. i got parts A&B but im cant figure out c and d

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

 

The inventory at June 1 and costs charged to Work in Process—Department 60 during June are as follows:

3,800 units, 80% completed ($25,000 materials, $35,400 conversion)   $60,400
Direct materials, 32,000 units   368,000
Direct labor   244,000
Factory overhead   188,000
   Total cost to be accounted for   $860,400

 

During June, 32,000 units were placed into production and 31,200 units were completed, including those in inventory on June 1. On June 30, the inventory of work in process consisted of 4,600 units that were 40% completed. Inventories are costed by the weighted average method and all materials are added at the beginning of the process.

c.  Total and unit cost of finished goods completed in the current period.

Unit cost of finished goods completed: $fill in the blank 4
Total cost of goods completed during the period: $fill in the blank 5

d.  Total cost of work in process inventory at June 30.

i got parts A&B but im cant figure out c and d

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education