Determine the unit costs for each cost component

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Reference no: EM132830654

Question - ABC Company manufactures a specialized product. Department 2, adds new material to the units received from Department 1 at the end of process. A normal loss occurs early in processing.

Production and cost data for Department 2 for the month of September are as follows:

Production record (in units): In process, September 1-75% complete for processing cost 4,000

Received from Department 1 20,000

Completed and transferred to finished goods 16,000

Lost in processing (normal) 2,000

In process, September 30-2/3 complete for process cost 6,000

Cost Record:

Work in process inventory, September 1: Preceding department cost $ 620

Processing cost 2,000 $2,620

Cost from preceding department in September 1,800

Material cost for September 4,800

Processing cost for September 10,200

Required - Determine the following for Department 2 under weighted average the method of costing and (1) unit costs for each cost component, (2) cost of production transferred to finished goods, (3) cost of work in process inventory of September 30.

Reference no: EM132830654

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