How many units were started and completed from the given data.
Honeybutter, Inc., manufactures a product that goes through two departments prior to completion. The following information is available about the work in the first department, the Mining Department, during June.
|
|
|
Percent Completed
|
|
|
Units
|
Materials
|
Conversion
|
|
Work in process, beginning
|
70,000
|
70%
|
40%
|
|
Started into production
|
460,000
|
|
|
|
Completed and transferred out
|
450,000
|
|
|
|
Work in process, ending
|
80,000
|
75%
|
25%
|
|
|
|
Materials
|
Conversion
|
|
Work in process, beginning
|
$36,550
|
$13,500
|
|
|
Cost added during
|
$391,850
|
$287,300
|
|
Required:
Assume that the campany uses the weighted-average method.
Prepare a report that reconciles the total cost assigned to the ending work in process inventory and the units transferred out with the costs in the beginning inventory and costs added during the period.