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Process costing, weightedaverage and FIFO methods with transferredin cost. Sam's Company has two dept., an...

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Accounting

Process costing, weightedaverage and FIFO methods with transferredin cost.

Sam's Company has two dept., an assembly dept. and a finishing dept. The following information relates to the finishing department:

WIP June 1 15 units
Transferred-in: 100% complete $125
Direct material: 100% complete 85
Conversion: 30% complete 72
Balance in work-in-process, June 1 282
Units transferred in from assembly dept. during June 75 units
Units completed during June and transferred out to finished goods inventory 80 units
WIP, June 30 10 units
Transferred-in : 100% complete
Direct materials : 100% complete

Conversion: 60% complete
Costs incurred during June:
Transferred-in $815
Direct materials 725
Conversion 878
Total current costs $2,418

Required:

1.Prepare a production cost worksheet for June using the weightedaverage method.

2.Prepare a production cost worksheet for June using the FIFO method.

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