Weighted-Average Method; Transferred-in Costs Sanyo Corporation manufactures a popular model of business calculators in a suburb of Seoul, South Korea. The production process goes through two departments, assembly and testing. The following information (in thousands of South Korean currency, the won) pertains to the testing department for the month of July.
Work-in-process inventory, July 1 |
| 6,000 units |
Transferred-in costs | 57,800 won | (100 percent complete) |
Costs added by the department |
|
|
Direct materials | 23,400 won | (100 percent complete) |
Conversion | 23,360 won | (80 percent complete) |
During the month of July, 15,000 units were transferred in from the assembly department at the cost of 141,700 won, and the testing department added costs of 201,820 won.
Direct materials | 92,520 won |
Conversion | 109,300 won |
During the month, 18,000 units were completed and transferred to the warehouse. At July 31, the completion percentage of work-in-process was as follows:
Direct materials | 90 percent |
Conversion | 60 percent |
Required
1. Prepare the production report of the testing department for the month of July using the weighted-average process costing.
2. Check the most recent issue of The Wall Street Journal or www.federalreserve.gov/releases/H10/hist/ to learn the exchange rate between the U.S. dollar and the South Korean won.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.