The Malbim Company uses a process costing system. Materials are added at the beginning of the process. On July 1 there are 400 units in the beginning inventory that are 100% complete as to materials. With regard to labor and overhead, however, the units in beginning inventory (July 1) are only 75% complete.
During July, 10,000 units were placed in production; of these, 7,400 were completed and transferred to the next department. On July 31, the remaining 3,000 units were 20% complete with regard to labor and overhead.
Required: (Be sure to show your calculations for each)
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