How will you calculate the costs assigned to the work in process inventory?

Cost Assigned to Work in Process Inventory. The manager of a company whose manufacturing process lends itself quite readily to process costing methods approached the accountant with the request to compute, for his study and consideration, the work in process inventory on (a) the average cost basis and (b) the first-in, first-out basis. The following data are available
Units in opening inventory, 8,000; all materials, 50% labor and overhead.
Cost of opening inventory: Materials, $3,984; Labor, $2,148; Overhead, $1,692.
Placed in process, 40,000 units. Cost: Materials, $24,000; Labor, $19,968; Overhead, $19,968.
Units completed and transferred, 42,000.
Units in process at the end, 6,000; all materials, 60% labor and overhead.

Required: The costs assigned to the work in process inventory.

5. Cost of Production Report with Materials Added. The Caldwell Company produces a chemical, Caldmetral, which requires processing in three departments. In the third department materials are added, doubling the number of units. The following data pertain to the operations of Department 3 for March:
Units received from Department 2             20,000
Units transferred to finished storeroom       32,000
The balance of the units were still in 
process—100% complete as to material, 
50% complete as to labor and overhead.
Cost transferred from Department 2         $30,000
Cost added by the department:
Materials                 $8,800
Labor                        9,000
Factory overhead       7,200                      $25,000

Required: A cost of production report for Department 3 for March.

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