FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Rooney Company is a cosmetics manufacturer. Its assembly department receives raw cosmetics from the molding department. The
assembly department places the raw cosmetics into decorative containers and transfers them to the packaging department. The
assembly department's Work in Process Inventory account had a $70,500 balance as of August 1. During August, the department
incurred raw materials, labor, and overhead costs amounting to $62,000, $77,500, and $73,000, respectively. The department
transferred products that cost $326,500 to the packaging department. The balance in the assembly department's Work in Process
Inventory account as of August 31 was $83,500.
Required
Determine the cost of raw cosmetics transferred from the molding department to the assembly department during August.
Cost of raw cosmetics transferred
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