Jones Limited is a manufacturer of industrial paint. It uses a weighted average method of process costing. Materials are added at the beginning of the process but conversion costs occur uniformly throughout the process. The following data has been compiled for the month of June.
Work in process, 1 June – 200 000 units
200 000 units
Work in process, 30 June
60 000 units
Units started during June
300 000 units
Cost of Work in Process 1 June
Costs incurred during the month of June
$ 910 000
$ 874 000
Required: Show all workings Calculate the cost of goods completed and transferred out for the month of June.
2. Calculate the cost of work in process inventory as at 30 June
Please provide the solution & process to calculate this problem