Faulk Corporation uses a process costing system for its two production departments: Mixing and Baking. The company provided the following manufacturing cost information for the month of June.
Beginning work in process $ 500 $ 1,000
Costs transferred in ? ?
Costs incurred in May 5,000 9,000
Ending work in process 1,500 3,000
a. Record the transfer of costs from the Mixing Department to the Baking Department in June.
b. Record the transfer of costs from the Baking Department to Finished Goods Inventory in June.