17-31

llOCt hidtelais and conversion costs. l total costs to account for, and assign them to units completed (and tran to units in ending work in process sfer 17-30 FIFO method,assigning costs. Required 1. Do Exercise 17-29 using the FIFO method 2. Z anyBrainy's management seeks to have a more consistent cost per equivalent process costing should the company choose and why? Transferred-in costs, weighted-average method. Trendy Clothing, Inc. is a manuf thes. It has a knitting department and a finishing department. This exercise focuses on the f partment. Direct materials are added at the end of the process. Conversion costs are added the process. Trendy June 2017 is available uses the weighted-average method of process costing. The following Home Insert Page Layout Formulas Data Review View Physical Units Transferred-in Direct Conversink in pr Materials Costs S 0 $24,000 Costs (tons) 60 Deg 2 Work in process, beginning inventory (June 1 3 Degree of completion, beginning work in process 4 Transferred-in during June 5 Completed and transferred out during June 6 Work in process, ending inventory (June 30) 7 Degree of completion, ending work in process 8 Total costs added during June 60,000 100% 0% Work in p 100 120 40 Degre Total cost 1. Com 2 Co . Co 100% $117,000 $27,000 $62,400 Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. 1. 2. Required Summarize the total costs to account for, and calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. 3. Assign costs to units completed (and transferred out) and to units in ending work in process. 17-32 Transferred-in costs, FIFO method. Refer to the information in Exercise 17-31. Suppose that Trendy uses the FIFO method instead of the weighted-average method in all of its departments. The only changesPro to Exercise 17-31 under the FIFO method are that total transferred-in cost s of beginning work in process 000 on June 1 are $45,000 (instead of $60,000) and total transferred-in costs added during June are SIT (instead of $117,000) work d Do Exercise 17-31 using the FIFO method. Note that you first need to calculate equivalent units of