(Answered) Question - onitsha corporation uses a weighted average

Accounting

Question - Onitsha Corporation uses a weighted average process costing system to collect costs related to production. The following selected information relates to production for June:

Units started into production 25,000

Units completed and transferred out 20,000

Equivalent units- materials 28,000

Equivalent units- conversion costs 26,000

Cost in work in process on June 1- Materials $6,720 Conversion $9,100

Costs added to production during June- Materials $27,120 Conversion $88,400

All materials at Onitsha are added at the beginning of the production process. Conversion costs are incurred uniformly over the production process.

1) How many partially completed units were in work in process inventory at the beginning of June?

2) What total amount of cost should be assigned to the units completed and transferred out during June?

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