Question: If a company began the month with 50 units in process, started another 600 units during the month, and ended the month with 75 units in process, how many units were completed?
The number of units completed during the year is 575 units.
The units in process means the raw material used by the company in the production process and the production is not completed during the year. It is also known as the work in process inventory
Hartley Company has a production process that involves three processes. Units move through the processes in this order: cutting, stamping, and then polishing. The company had the following transactions in November:
1. Cost of units completed in the Cutting Department, $17,000
2. Cost of units completed in the Stamping Department, $30,000
3. Cost of units completed in the Polishing Department, $35,000
4. Sales on account, $50,000
5. Cost of goods sold is 80% of sales
Prepare the journal entries for Hartley Company.
The Blending Department for CenTex Paints started October with 1,000 gallons in process and started in production 9,500gallons. During the month, 7,000 gallons were completed and transferred to the next department. Ending work-in-process was3,500 gallons (100% complete with respect to direct materials and 30% complete for conversion costs). The department uses the
weighted-average method. The Blending Department incurred the following costs:
Beginning WIP-Direct materials cost
Beginning WIP-Conversion cost
Direct material added during the month
Conversion cost added during the month
7. Prepare a production cost report for the Blending Department for the month of October.
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