Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Allure Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses on the finishing department.

image text in transcribed

Allure Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses on the finishing department. Direct materials are added at the end of the process. Conversion costs are added evenly during the process. Suppose that Allure uses the FIFO malhad. The following information for June 2017 is available, (Click the loon to view the information) Read the recuirements. Requirement 1. Calculate equivalent units of work done in the current period for transferred-in costs, direct materials, and conversion costs to complete beginning work in process, to start and complete new units, and to produce ending work in pro988. (Enter a "U" for any zero balances) Equivalent Units Physical Units Transferred-In Direct Conversion Data Table (tons) Costs Materials Casts Work in process, beginning 70 A D E 120 Transferred-in during current period Physical Units Transferred Direct Conversion To account for (tons) In Casts Materials Costs Completed and transferred out curing current period Work in proces, beginning inventory (June Frain beginning work in process 211) 70S 62000$ D$ 21,000 Started and completed Degree of completion beginning work in 50 Work in procese, onding 3 process 100% D% Accounted for 4 Transferred-in during June 120 Completed and transferred Equivalent units of work done in current period Sout during June 1401 X Work in process, ending Requirements inventory (June 30) 50 Degree of completion ending work in process 100% 0% 70% 1. Calculate equivalent units of work done in the current period for transferred-in Total costs added during 9 June S 123 000 $ 35.000 $ 74,200 costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending wars in process 2. 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 coats to units completed (and transferred out) and to units in anding Print Done work in process

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 2

Authors: Hanlon, Hodder, Nelson, Roulstone, Dragoo

2nd Edition

1618533134, 9781618533357

More Books

Students also viewed these Accounting questions