Assignment1 Weighted-average method, inspection at 80 completion. (A Atkinson) The Kim Company is a fut niture manufacturer with two departments: molding and finishing. The company uses the FIFO method of process costing In August, the following data vwere recorded for the finishing department 12.500 25% Units of beginning work in process inventory Percentage completion of beginning work in process units Cost of direct materials in beginning work in process Units started Units completed Units in ending inventony S0 87,500 62,500 25,000 95% 12,500 Percentage completion af ending work in process units Spoiled units Total costs added during current period: Direct materials S819,000 5794,500 S770,000 Direct manutacturing labor Manufacturing overhead Work in process, beginning Transferred-in costs S103.625 S52500 S809,375 Conversion costs Cost of units transferred in during current period Conversion costs are added evenly during the process. Direct material costs are added when production is 90% complete. The inspection point is at the B0% stage af production. Normal spoilage is 10% of all good units that pass inspection. Spoiled units are disposed of at zero net disposal value. Instructions: For August, summarize total costs to account for and assign these costs to units completed and transferred out (including normal spoilagel, to abnormal spoilage, and to units in ending work in process