Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Help with calculations please :) Trendy Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise
Help with calculations please :)
Trendy 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. Trendy uses the weighted-average method of process costing. Information for June 2020 follows: E (Click the icon to view the information.) Read the requirements Physical Units (tons) Transferred-In Costs Direct Materials Conversion Costs Work in process, beginning inventory (June 1) 100 140 Transferred in during June 240 To account for X 195 195 195 Data Table Completed and transferred out during June Work in process, ending inventory (June 30) 195 45 45 0 27 240 Accounted for 240 195 222 Equivalent units work done to date B D E Physical Transferred-In Direct Conversion Units (tons) Costs Materials Costs 100 $ 90,000 $ 0 $ 30,000 100% 04 60% Requirement 2. Summarize total costs to account for, and calculate cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. 140 1 2 Work in process, beginning inventory (June 1) 3 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) Degree of completion, ending work in process 8 Total costs added during June Begin by summarizing total costs to account for. (Enter a "0" for any zero balances.) Total Production Transferred-In Conversion Costs Costs Direct Materials Costs Work in process, beginning 120.000 $ 90,000 $ OS 30,000 Costs added in current period 48,750 102,375 446,625 $ 265,500's 48,750's 132,375 Total costs to account for 195 45 326,625 175,500 100% 0% 60% 102,375 175,500 48,750 $ Calculate 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 incurred to date 265,500 $ 48,750 $ 132,375 240 195 222 Divide by Equivalent units of work done to date 1.106.25$ 250.00's 596.28 Cost per equivalent unit Pont Print Done 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 Production Transferred-In Conversion Costs Costs Direct Materials Costs Assignment of costs: Completed and transferred out 380,744's 215,719's 48,750's 116,275 Work in process, ending 65,881 49,781 16,100 446,625 $ 265,500S 48,750'S 132,375 Total costs to account forStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started