Mercury Manufacturing has three production departments that work on units in the following order: Molding, Assembly, and then Finishing. The Molding department began the month of June with 3,000 units in work-in-process inventory (20% complete), and began work on an additional 15,000 units during the month. At the end of the month, 4,000 units were in workin- process inventory (40% complete), and 450 units had to be thrown out because they were spoiled. Spoilage is normally 3% of good output. In the Molding department, all direct materials are added at the beginning of the process, and conversion costs are applied evenly throughout the process. The value of beginning work-in-process inventory was $15,240, $9,000 of which was direct materials cost. During the period, $72,000 in direct materials costs and $51,480 in conversion costs were added. Assuming that Mercury Manufacturing uses the weighted average method of process costing, find the value of units completed and transferred out, ending work-in-process inventory, and the loss caused by abnormal spoilage for the Molding department.
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