Fashion 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. Fashion uses the weighted average method of process costing. The following information for June 2017 is available. (Click the icon to view the information.) Read the requirements. - X Data table Requirement 1. Calculate equivalent units of transi A B D E Physical Units Transferred-In Direct Conversion (tons) Costs Materials Costs 60$ 54,000 $ 0 $ 18,000 2 Work in process, beginning inventory (June 1) Degree of completion, beginning work in 3 process Work in process, beginning inventory (June 1) 100% 0% 50% Transferred in during June 150 To account for 145 Completed and transferred out during June 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 65 100% 0% 60% Work in process, ending inventory (June 30) $ 130,500 $ 39,875 $ 73,950 Accounted for Fashion 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. Fashion uses the weighted-average method of process costing. The following information for June 2017 is available. (Click the icon to view the information.) Read the requirements. - Requirement 1. Calculate equivalent units of transferred-in costs, dired Requirements Physical Units (tons) 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. 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 costs to units completed (and transferred out) and to units in ending work in process. Work in process, beginning inventory (June 1) 60 150 Transferred in during June To account for Completed and transferred out during June 145 65 Work in process, ending inventory (June 30) - Print Done Accounted for Requirement 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. (Enter a "0" for any zero balances.) Equivalent Units Physical Units Transferred-In Direct Conversion (tons) Costs Materials Costs Work in process, beginning inventory (June 1) 60 150 Transferred in during June To account for Bookmark this tab Completed and transferred out during June 145 65 Work in process, ending inventory (June 30) Accounted for Equivalent units work done to date 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 Total costs to account for 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 Divide by Cost per equivalent unit Requirement 3. Assign costs to units completed (and transferred out) and to units in ending work in process. (Enter a "0" for any zero balances. Round your answers to the nearest whole dollar.) Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Assignment of costs: Completed and transferred out
