The Assembly Department started the month with 21,500 units in its beginning Work in Process Inventory. An additional 292,500 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 46,750 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 Inventories:
Work in process inventories refer to inventories that are still lacking some parts or processes before they can be categorized as finished goods. This forms part of the inventory account of a manufacturing company.
Answer and Explanation: 1
|Add: Units Transferred In||292,500|
|Total Work in Process Inventories||314,000|
|Less: Ending Work in Process Inventory||-46,750|
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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.