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1. Process Costing Laura Houldsworth Co., manufactures porcelain dolls that go through three processing departments prior to completion. Information about work in the first department, Molding, is given below for Jul roduction Data Units in process, July 1 (materials 100% complete; conversion 90% complete) Units Started into production during Jul Units completed and transferred out Units in process, July 31, (materials 40% complete, conversion 10% complete) 15.000 July160,000 155,000 | Cost data Work in process invento ry, July I S14,100 S22,680 Materials cost Cost added during Jul Material Cost $142,380 237,940 Materials are added at several stages during the cooking process, whereas labor and overhead costs are incurred uniformly. The company uses the weighted-average method Required (1) Compute the equivalent units of production. (2) Compute the costs per equivalent unit for the month (3) Determine the cost of ending work in process inventory and of the units transferred out to the next department (4) Prepare a cost reconciliation between the costs determined in part (3) above and the cost of beginning work in process inventory and costs added in July
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