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Total Cost - FIFO method Abacus Corp. manufactures Product A in a single production process. the following information was recorded for the year 20XX: Beginning

Total Cost - FIFO method

Abacus Corp. manufactures Product A in a single production process. the following information was recorded for the year 20XX:

Beginning work-in-process Inventory:

10,000 units, 0.20 complete (as) to conversion;

Materials Cost $25,000;

Conversion Costs $20,500.

Ending work-in-process Inventory:

4,000 units, 0.50 complete (as) to conversion.

For the Current Year:

60,000 units started, 66,000 units completed and transferred to finished goods;

Conversion Costs Recorded, $115,500.

Materials are added at the beginning of the process. assuming Abacus uses the weighted average method, show:

(A) Total cost of goods completed;

(B) Total cost of ending work-in-process inventory;

(C) Entry to record transfer of completed units to finished goods.

Please, explain every step as detailed as possible.

Thank you in advance

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