Complete the following exercise. Provide your answers in an MSWord document or as an Excel spreadsheet with each exercise or problem clearly labeled. Use CSU-Global APA formatting and citation if needed.
The Malbim Company uses a process costing system. Materials are added at the beginning of the process. On July 1 there are 400 units in the beginning inventory that are 100% complete as to materials. With regard to labor and overhead, however, the units in beginning inventory are only 75% complete.
During July, 10,000 units were placed in production; of these, 7,400 were completed and transferred to the next department. On July 31, the remaining 3,000 units were 20% complete with regard to labor and overhead.