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I need Requirement 3. Trendy Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses
I need Requirement 3.
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. Suppose Trendy uses the FIFO method. Information for June 2020 follows: (Click the icon to view the information.) Read the requirements. 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 inventory. (Enter a "0" for any zero balances.) 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 "0" for any zero balances.) Total Transferred-In Calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. (Round your answers to the n cent.) 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.) Data tableStep by Step Solution
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