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A manufacturer operates on a job costing basis (i.e. only ONE Work in Process - WIP - Account and all costs are traceable) The company
A manufacturer operates on a job costing basis (i.e. only ONE Work in Process - WIP - Account and all costs are traceable)
The company has recorded the following for a single month of production:
Raw Materials - Opening Balance: $15806 , Purchases $62561 and has a Closing Balance of $16571
WIP Information: Conversion costs incurred this period include: Opening balance of WIP was $40464, DL $20824 and OHDs $37753 and the closing balance of WIP was $28801
Finished Goods information: Opening Balance of FG was $59373 and the closing balance was $55662
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