Ch 4 - Day 2 In class: 4.1 Clock Company uses process costing to account for its production costs. During November, the assembly department started 800 units into production. The beginning WIP included 60 units that were 70% complete with respect to materials and 50% complete with respect to conversion costs. The cost of beginning work in process included $402.60 in direct materials and $600 in direct labor. Ending WIP inventory consists of 50 units that are 60% complete with respect to materials and 40% complete for conversion costs. Direct materials costs of $10,971 were added in November and direct labor costs of $19,984 were added as well. Overhead is applied at 80% of direct labor cost. Complete the process cost summary for Clock Company's assembly department. 4.2 Complete a process cost summary for Celtic Company's assembly department, and then record the journal entry to transfer the goods from the assembly department to the finishing department. Production Data: Beginning Work in Process Started into Production Completed & Transferred Out Ending Work in Process Units 120 (60% complete materials & 80% conversion costs) 1,900 20 (80% complete materials & 60% conversion costs) Cost Data: Beginning Work in Process Costs Added During the Period DM $14,963.20 $245,000.00 DL $18,500.00 $379,876.00 MO $33,274.00 $642,999.44