Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

CloverSweet 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 CompleteUnitsMaterialsConversionWork in process, beginning50,00075%30%Started into production430,000Completed and transferred out380,000Work in process, ending100,00060%40%MaterialsConversionWork in process, beginning$45,500$25,000Cost added during June$425,500$145,000

Assume that the company uses the weighted-average method.

1.Determine the equivalent units for June for the first process.

2.Compute the costs per equivalent unit for June for the first process.(Round your answers to 3 decimal places.)

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.)

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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Statistics For Business And Economics

Authors: James T. McClave, P. George Benson, Terry T Sincich

12th Edition

032182623X, 978-0134189888, 134189884, 978-0321826237

Students also viewed these Accounting questions