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The Finishing Department of Lon and Lonny, Inc., the last department in the manufacturing process, incurred production costs of $300,000 during the month of June.
The Finishing Department of Lon and Lonny, Inc., the last department in the manufacturing process, incurred production costs of $300,000 during the month of June. If the June 1 balance in Work-in-Process Inventory-Finishing is $0 and the June 30 balance is $25,000, what amount was transferred to Finished Goods Inventory? Determine the formula, then enter the amounts to calculate the amount transferred to Finished Goods Inventory. (Enter "0" for zero balances. Abbreviation used: FG = finished goods, WIP = work-in-process.) = Transferred to FG Inventory
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