Data for Orlando Company for the Month of June 20xx

Essay

Data for Orlando Company for the month of June 20xx are as follows:
$\begin{array}{ll}\text { Beginning work in process inventory: } & \text { Operations for the month of June: } \\\text { Units - } 800 & \text { Units started-14,000 } \\\text { Direct materials - } 100 \% \text { complete } & \text { Direct materials costs- } \$ 57,400 \\\text { Conversion costs- } 70 \% \text { complete } & \text { Conversion costs- } \$ 50,122\\\text { Direct materials costs \( -\$ 2,860 \) }\\\text { Conversion costs- \( \$ 2,150 \)}\\\text { Ending work in process inventory:}\\\text { Units - 1500}\\\text {Direct materials \( -100 \% \) complete }\\\text {Conversion costs- \( 30 \% \) complete}\\\end{array}$ Assume the company uses a FIFO flow of costs.
a. Prepare a process cost report for July.
b. Identify the amount that should be transferred out of the Work in Process Inventory account, and state where those dollars should be transferred.
$\$ 2,150$ }\\ \text { Ending work in process inventory:}\\ \text { Units - 1500}\\ \text {Direct materials $-100 \%$ complete }\\ \text {Conversion costs- $30 \%$ complete}\\ \end{array} Assume the company uses a FIFO flow of costs. a. Prepare a process cost report for July. b. Identify the amount that should be transferred out of the Work in Process Inventory account, and state where those dollars should be transferred. " class="answers-bank-image d-block" rel="preload" >