UNIT COST, VALUING GOODS TRANSFERRED OUT AND EWIP
During the month of April, the molding department of Patterson Foundry completed and transferred out 28,000 units. At the end of April, there were 10,000 units in process, 60 percent complete. Paterson incurred manufacturing costs totaling $408,000.
Required:
1. Calculate the unit cost.
2. Calculate the cost of goods transferred out and the cost of EWIP.