Question

2. (21 points) The Cuckoo clock Shop manufactures small clocks. Each product must pass through the Assembly Department (first) and the Finishing Department (second). Cuckoo clock shop uses the FIFO method in their process costing system. The following data are available for March for the Finishing Department: Costs: Units: 5,000 Beginning WIP 3/1: Beginning inventory-3/1 Assembly costs (Transferred in costs) 122,000 70% complete wit Materials and 30% complete wrt Conversion $16,000 Finishing Materials $4,100 20,000 Finishing Conversion Transferred in from Assembly in March. March costs: 6,000 Assembly costs transferred in $480,000 Ending inventory 3/31 $92,000 Finishing materials costs 75% complete wrt Materials and 50% complete wrt Conversion $41,000 Finishing conversion costs a. Determine the total cost of work in Process inventory for Finishing at 3/31. b. mine the total cost of the units transferred to Finished Goods in March. SHOW YOUR WORK