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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 20% of the work for the units in ending WIP.
Required: Compute the transferred-in costs contained in the cost of goods manufactured in August.
I answered 170,000 and it's wrong
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