Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Clover Sweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work

image text in transcribedimage text in transcribed

Clover Sweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work in the first department, the Mixing Department, during June: Percent Complete Materials 75% Conversion 30% Work in process, beginning Started into production Completed and transferred out Work in process, ending Units 50,700 437,000 387,000 100,700 60% 40% Work in process, beginning Cost added during June Materials $ 46,200 $426,200 Conversion $ 25,700 $145,700 Required: Assume that the company uses the weighted average method. 1. Determine the equivalent units for June for the first process. Materials Conversion Equivalent units of production 2. Compute the costs per equivalent unit for June for the first process. (Round your answers to 3 decimal places.) Materials Conversion Cost per equivalent unit 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June. (Round intermediate calculations to 3 decimal places.) Materials Conversion Total Cost of ending work in process inventory Cost of units completed and transferred out 4. Prepare a report that reconciles the total costs assigned to the ending work in process inventory and the units transferred out with the costs in beginning inventory and costs added during the period. (Round intermediate calculations to 3 decimal places.) Cost Reconciliation Costs to be accounted for Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Costs accounted for as follows: Transferred to next department: Work in process June 30 Materials Conversion Total cost accounted for

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

College Accounting Chapters 1 24

Authors: Douglas J. Mcquaig, Patricia Bille, Tracie L. Nobles

10th Edition

1439037752, 9781439037751

More Books

Students also viewed these Accounting questions

Question

What is the work environment like? Friendly/collegial?

Answered: 1 week ago