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CoursHeroTranscribedText: Problems: Give your answers on the Excel file located on Moodle and then submit on it on Moodle. Points allocated to the problems are shown before each problem. 1. (36 points) Whitley Company manufactures a product that passes through two departments, Assembly and Finishing. In the Finishing Department, materials are added at the end of the process. Conversion costs are incurred uniformly throughout the process. During the month of January, the Finishing Department received 60,000 units from the Assembly Department. The transferred-in cost of the 60,000 units was $69,900. Costs added by Finishing during January included the following: Direct materials $35,950 Direct labor 56,000 Overhead 25,600 On January 1, the Finishing Department had 15,000 units in inventory that were 30 percent complete with respect to conversion costs. On January 31, 12,000 units were in inventory, 40% complete with respect to conversion costs. The costs associated with the 15,000 units in beginning inventory were as follows: Transferred in $1 1,700 Direct labor 8,750 Overhead 4,100 Required: 1. Prepare a cost of production report using the weighted average method for the second department, Finishing. 2. Prepare the journal entry to transfer the completed units to Finished Goods Inventory

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