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need help with requirements 1 through 3 please! Trendy Clothing, Inc. is a manufacturer of winter clothes it has a knitting department and a finishing
need help with requirements 1 through 3 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. 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, direct materials, and conversion costs (Enter a "O" for any zero balances) Equivalent Units Transferred in Direct Conversion Costs Materials Physical Units (tons) 70 155 Costs Work in process, beginning inventory (June 1) Transferred in during June To account for Completed and transferred out during June Work in process, ending inventory (June 30) Accounted for 165 60 Equivalent units work done to date 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 Data Table B Physical Units (tons) Transferred In Costs D Direct Materials E Conversion Costs 70 $ 70.000 $ 05 21.000 3 100% 0% 50% 155 1 Work in process, beginning inventory (June 21) Degree of completion, beginning work in 3 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 7 process 8 Total costs added during June 165 601 100% 0% 75% 148.500 $ 41.250 S 87.450
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