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The information below was obtained from the records of the first processing department of Christine corporation for the month of July. The company uses the FIFO method in its process costing system.
Units Labor and overhead percent completed
Work in process July 1st 20,000 40%
Started during the month 70,000
Completed during the month 80,000
Work in process July 31 10,000 25%
All materials are added at the beginning of the manufacturing process.
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