Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Cozy 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 Cozy uses the FIFO method. The following information for June 2017 is available.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedPlease help me find the missing blanks. I have provided all information.

Once you have helped me find the missing blanks please try to help me find Started and Completed, Total Costs of units completed and transferred out, Work in process ending, Total costs accounted for (if possible).

Thank you.

Data Table A 1 B D E Physical Units Transferred-In Direct Conversion (tons) Costs Materials Costs 75$ 60,000 $ 0 $ 22,500 100% 0% 60% 3 135 2 Work in process, beginning inventory (June 1) 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 150 60 100% 0% 75% $ $ 135,000 $ 33,750 $ 78,000 Print Done 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 process. (Enter a "0" for any zero balances.) Equivalent Units Transferred-In Direct Conversion Physical Units (tons) Costs Materials Costs Work in process, beginning 75 135 Transferred-in during current period 210 To account for Completed and transferred out during current period: From beginning work in process Started and completed 75 0 75 30 75 75 75 75 Work in process, ending 60 60 0 45 210 Accounted for 135 150 150 Equivalent units of work done in current period Requirement 2. Summarize the total costs to account for, and calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. Begin by summarizing the total costs to account for. (Enter a "O" for any zero balances.) Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Costs added in current period $ 246,750 $ 135,000 $ 33,750 $ 78,000 Work in process, beginning 82,500 60,000 22,500 329,250 $ 195,000 $ 33,750 $ Total costs to account for 100,500 Calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. (Round your answers to the nearest cent.) Transferred-In Direct Conversion Costs Materials Costs Costs added in current period 135,000 $ 33,750 $ 78,000 135 150 150 Divide by equivalent units of work done in current period 1,000.00 $ 225.00 $ 520.00 Cost per equivalent unit Requirement 3. Assign costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the total from beginning inventory, then calculate the total costs accounted for. (Enter a "0" for any zero balances. Round your final answers to the nearest whole dollar.) Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Completed and transferred out: Work in process, beginning $ 82,500 $ 60,000 $ 0 $ 22,500 0 Costs added to beginning WIP in current period Total from beginning inventory

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

Students also viewed these Accounting questions