costaccounting

(8 Marks) Diamond Ltd manufactures Jewelry. Material is introduced at the beginning of the process in the Cutting Department. Conversion costs are incurred evenly throughout the process. Once cutting is complete, the jewelry pieces are immediately transferred to the Finishing Department. Data for the Cutting Department is as follows: Physical Units D.M. Costs Work-In-Process (Beginning) 200 Started in Month 1,100 Completed during Month 1,000 Work-In-Process (Ending) 300 Costs Added During Month Degree of Completion: Conversion $4,000 $500 $37,000 $10,000 Ending WIP=100% DM; 50% Conversion REQUIRED: Using the Weighted Average Method, assign total costs to units completed (and transferred out) and to units in Ending Work-In-Process.