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Refer to the following information about the Painting Department in the Richardson Factory for the month of June. Richardson Factory uses the weighted-average method of
Refer to the following information about the Painting Department in the Richardson Factory for the month of June. Richardson Factory uses the weighted-average method of inventory costing.
ah fRefer to the following information about the Painting Department in the Richardson Factory for the month of June. Richardson Factory uses the weighted average method of inventory costing. Beginning goods in process inventory 5,000 units Percentage of completion--- Direct materials 70% Percentage of completion---Direct labor/Factory overhead 25% Direct materials costs $7,350 Direct labor and factory overhead costs $3,125 Units started in June 40,000 units Ending goods in process inventory (June 30) 4,000 units Percentage of completion---Direct materials 40% Percentage of completion---Direct labor /Factory overhead 10% Costs incurred during this period $96,975 Direct materials costs 79,470 Direct labor and factory overhead costs Required: (1) Compute the equivalent unit of production for direct materials, direct labor, and factory overhead for June; (2)Compute the cost per equivalent unit; (3) What is the cost of all units that were completed and transferred to finished goods in June? What is the total cost of ending goods in processStep by Step Solution
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