How many units were started and completed from the given data?
Honey butter, Inc., manufactures a product that goes through two departments prior to completion. The following information is available about work in the first department, the Mixing Department, during June.
|
|
|
Percent Completed
|
|
|
Units
|
Materials
|
Conversion
|
|
Work in process, beginning
|
70,000
|
70%
|
40%
|
|
Started into production
|
460,000
|
|
|
|
Completed and transferred out
|
450,000
|
|
|
|
Work in process, ending
|
80,000
|
75%
|
25%
|
|
|
|
Materials
|
Conversion
|
|
Work in process, beginning
|
|
$36,550
|
$13,500
|
|
Cost added during June
|
|
$391,850
|
$287,300
|
Required:
Assume that the company uses the weighted-average method.
Prepare a report that reconciles the total costs assigned to the ending work in process inventory and the units transferred out with the costs in beginning inventory and costs added during the period.