Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help with requirements 1, 2, and 3 please! thank you! Cool Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department
Please help with requirements 1, 2, and 3 please! thank you!
Cool 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 Cool uses the FIFO method. The following information for June 2017 is available. i Requirements 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. 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 i Data Table DE Physical Units Transferred-In Direct Conversion (tons) Costs Materials Costs 60 $ 51,000 $ 0 $ 30,000 100% 0% 50% 100 2 Work in process, beginning inventory (June 1) Degree of completion, beginning work in process 4 Transferred-in during June 1 5 Completed and transferred out during June 6 Work in process, ending inventory (June 30) Degree of completion, ending work in process 100% 120,000 $ 0% 27,000 $ 75% 63,000 8 Total costs added during June $ 120,00Step 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