How do I calculate the Transfer In Costs?

Puzzle Me Company Department Assembly Average Process Cost Summary Units to Account For Beginning WIP Inventory Units Started/Transferred in this period Total units to account for 8000 42000 50000 Units Accounted For Completed and transferred out Ending WIP Inventory Total units accounted for 40000 10000 50000 Direct Materials Conversion 100% 40000 40000 Eqivalent Units of Production Units completed and transferred out Units of ending work in process Direct Materials Conversion Equivalent Units of Production 10000 2500 42500 50000 Cost per Equivalent Unit Costs of beginning work in process Costs incurred this period Total Costs Divided by Equivalent Units of Production Cost per EUP Direct Materials $ $ $ 9,800 130,200 140,000 50000 2.80 Conversion $ $ $ Total 3,910 $ 13,710 64,090 $ 194,290 68,000 $208,000 42500 1.60 $ $ Cost Assignment Costs of Units completed and transferred out Transfer-In Costs Direct Materials Conversion Costs of Goods Manufactured $ $ 112,000 64,000 $ 176,000 Handout 5- Process Cost - Example Debit Credit Puzzle Me Company manufactures puzzles. It has two production departments Assembly and Finishing Department. The direct materials for the assembly department are added at the beginning of the process. The conversion costs are added evenly throughout the process. When the assembly department finishes work on each puzzle, it is immediately transferred to the finishing department. The Assembly department has the following data for July: Units: Beginning Inventory: Started in production in July Transferred out in July Ending Inventory 8,000 (100% complete to Materials, 60% to Conversion Cost) 42,000 40,000 ???? (100% complete to Materials, 25% to Conversion $9,800 $3,910 Costs: Beginning Inventory: Direct Materials Conversion Costs added during July Materials Direct Labor Factory Overhead $130,200 $22,090 $42,000 Required: 2 1. Do a complete production report using Average Cost Flow for the Assembly Department. Prepare journal entries for all July transactions affecting WIP-Assembly 3. Set up a T-Account for WIP - Assembly & WIP- Finishing. Make sure to enter the beginning balance. Do a complete production report using FIFO Cost Flow. Total Costs Accounted for $ Depart- ment Units to Account for Units Accounted For FIFO PROCESS COSTING Beginning Inventory Units started this period Units completed Begin Inv Units started & completed Ending WIP Total units accounted for Total units to account for End of document I Direct Materials Conversion Equivalent Units of Production Eq Units completed - Beg Inv How much to complete? Eq Units started and completed 100% complete Eq Units Ending WIP How complete are they? Equivalent Units of Production Cost per Equivalent Unit Direct Materials Conversion Total $ $ $ Costs incurred this period (only) / by Equivalent Units of Production Cost per EUP Direct Materials Conversion Total Cost Assignment Costs of Units completed and transferred out Beginning Inventory Costs to complete Begin Inventory Costs of Units Started & Completed Costs of Units completed this period Goods Finished this period Costs of ending work in process inventory Costs of ending work in process inventory $