The Assembly Department started the month with 14,000 units in its beginning work in process inventory. An additional 296,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 14,000 units in the ending work in process inventory of the Assembly Department. How many units were transferred to the next processing department during the month?
Work-In-Process is an inventory account classification found in a financial statement of a manufacturing companies. This account consists of costs that are put into process but are not yet completed as of the financial statement period.
Answer and Explanation: 1
Answer: 296,000 units
The number of units transferred from the Assembly Department to the next processing department is computed as...
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fromChapter 3 / Lesson 21
Learn about WIP in accounting. Discover the work-in-progress meaning, find out why WIP is important in accounting, and examine work-in-progress accounting examples.