Question
I need help trying to figure out the transferred out amount and the work in process. Please assist me in Determining the costs to be
I need help trying to figure out the transferred out amount and the work in process. Please assist me in Determining the costs to be assigned to the units transferred out and in process for June.
Crane Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department during June 2020 are presented below.
Production Data
June
Beginning work in process units 0 Units started into production 26,400 Ending work in process units 2,400 Percent completeending inventory 40%
Cost Data
Materials$237,600 Labor 64,320 Overhead 135,360Total$437,280
Determine the costs to be assigned to the units transferred out and in process for June.
Transferred out $_____
Work in process, June 30$_____
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started