Juniper Company manufactures a single product in two departments, Cutting and Finishing. Units of product are started
Question:
At the end of June, 500 units were still in process in the Finishing Department, 80% complete as to materials and 60% complete as to conversion costs. During July, 4,500 units were transferred from the Cutting Department to the Finishing Department and 3,800 were transferred from the Finishing Department to Finished Goods Inventory. At the end of July, the Finishing Department still had 800 units in process, 40% complete as to materials and 20% complete as to conversion costs. Cost data related to July operations in the Finishing Department are:
Required:
(1) Assuming the company uses process costing with an average cost flow assumption, prepare a cost of production report for the Finishing Department for July.
(2) Prepare the general journal entry to record the transfer of cost out of the Finishing Department this period.
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...
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