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Greencorn Ltd. manufactures toys using a continuous production process that flows through two departments: Forming and Finishing. The company accounts for its process using the First In First Out (FIFO) method of Process Costing.

In the Forming Department, Direct Materials are added at the start of the process, and Conversion costs are added evenly during the process. Inspection in this department occurs at the end of the process when the toys are complete.

For the Forming Department, spoilage of 4.0% of Good Units Completed is considered normal. Any amount of spoilage greater than that should be considered abnormal.

Required: Show your work and take all calculations to four significant digits

1. Determine:
   1. Total Costs of Good Units Completed and Transferred Out,
   2. The Dollar Amount of Abnormal Spoilage,
   3. The Dollar Amount of Work in Process Inventory at October 31.

You may find it easiest to Prepare a Cost of Production Report for the month of October.

Additional information follows: Physical Units 500 Forming Department Direct Materials $ 550 Conversion $ 2,700 100% 60% Work in Process October 1 Degree of Completion in beginning WIP Units Started in January Good Units Transferred Out Work In Process October 31 Degree of Completion in Ending WIP Costs added in October 23,000 20,000 2,500 100% $ 28,750 80% $ 340,500