Jones Limited is a manufacturer of industrial paint. It uses a weighted average method of process co

Jones Limited is a manufacturer of industrial paint. It uses a weighted average method of process costing. Materials are added at the beginning of the process but conversion costs occur uniformly throughout the process. The following data has been compiled for the month of June.

Work in process, 1 June – 200 000 units

40% complete

200 000 units

Work in process, 30 June

70% complete

60 000 units

Units started during June

300 000 units

Cost of Work in Process 1 June

            Direct Materials

$450,000

            Conversion Costs

$ 90,000

$ 540,000

Costs incurred during the month of June

Direct material                        

$ 910 000

Conversion costs

$ 874 000

$ 1,784,000

Required: Show all workings Calculate the cost of goods completed and transferred out for the month of June.

2. Calculate the cost of work in process inventory as at 30 June          

Please provide the solution & process to calculate this problem