Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions