Cost Acc

Exercise 1. (Points 15) M&M Ltd produces quick setting concrete mix. Production of 200,000 tons was started in April, 190,000 tons were completed. Material costs were $3,152,000 for the month while conversion costs were $591,000. There was no beginning work-in-process, the ending work-in-process was 70% complete. a) What is the cost of the product that was completed and transferred to finished goods? b) What is the cost of the product that remains in work-in-process