Refer to the information for London Corp. in M3-7. Prepare the journal entry to transfer the cost of completed units to Finished Goods Inventory.

Data from M3-7

London Corp. had the following production information for August:

London’s ending work in process is 100 percent complete for materials and 30 percent complete for conversion. London uses the weighted average costing method and has computed direct materials cost per unit of \($5\) and conversion cost per unit of \($12.\) Determine the cost assigned to units transferred out and to ending work in process.

Transcribed Image Text:

Beginning work in process Units started and completed Ending work in process 0 20,000 4,000