Use these data to prepare ( in thousands of dollars ) a schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold for the year . In addition , elaborate on the relationship between these schedules as they relate to the flow of product costs in a manufacturing company . ( Points : 25 )
( TCO F ) Loxham Corporation uses the weighted-average method in its process costing system . Data concerning the first processing department for the most recent month are listed below .
Work in process , beginning :
Units in beginning
400 work in process inventory
Materials costs $ 6,900
Conversion costs $ 2,500