Question
The Kim Company is a furniture manufacturer with two departments: molding and finishing. The company uses the weighted-average method of process costing. In August, the
The Kim Company is a furniture manufacturer with two departments: molding and finishing. The company uses the weighted-average method of process costing. In August, the following data were recorded for the finishing department:
Units of beginning work in process inventory 12,500
Units transfered in during August 87,500
Units completed 62,500
Transferred-in costs in beginning WIP $103,625
Cost of units transferred in during current period $809,375
There were no spoiled or lost units. The firm had completed 24% of the work for the units in ending WIP.
Required: Compute the transferred-in costs contained in the cost of goods manufactured in August.
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