The following information applies to the questions displayed below CircleD Fastener Corporation accumulates costs for its single product using process costing Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process A partially completed production report for the month of June follows Production Report For the Month of June Percentage of Completion with Respect to Conversion Equivalent Units Physical Units Direct Material Conversion Work in process, June 1 30,000 35 Units started during June 34,000 Total units to account for 64,000 Units completed and transferred out during June 40,000 40,000 40,000 Work in process, June 30 24,000 75 24,000 18,000 Total units accounted for 64,000 Direct Material Conversion Total Work in process, June 1 $ 147,600 $ 623,400 $ 771,000 Costs incurred during June 201,200 2,221,500 2,422,700 Total costs to account for $ 348,800 $ 2,844,900 $ 3,193,700 Required 1 Complete each of the following process costing steps using the weighted average method a Calculation of equivalent units Equivalent Unit Physical Units Direct Material Conversion Units completed and transferred out during June Work in process, June 30 Total units accounted for Total equivalent units b Computation of unit costs (Round Costs per equivalent unit to 2 decimal places ) Direct Materials Conversion Total Total Cost to account for Equivalent Units Cost per equivalent Unit c Analysis of total costs (Round Costs per equivalent unit to 2 decimal places ) Of Equivalent Units Cost per equivalent Unit Total Cost Cost of goods completed and transfered during January Cost remaining in June 30 WOrk in Process Direct material COnversion Total Cost of June 30 Work in Process 2 Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during June (If no entry is required for a transaction event, select No journal entry required in the first account field )

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[The following information applies to the questions displayed below.] CircleD Fastener Corporation accumulates costs for its single product using process costing. Direct material is added

[The following information applies to the questions displayed below.]

CircleD Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of June follows.

Production Report For the Month of June
		Percentage of Completion with Respect to Conversion		Equivalent Units

	Physical Units			Direct Material	Conversion
Work in process, June 1	30,000		35%
Units started during June	34,000

Total units to account for	64,000

Units completed and transferred out during June	40,000			40,000	40,000
Work in process, June 30	24,000		75%	24,000	18,000

Total units accounted for	64,000

	Direct Material		Conversion		Total
Work in process, June 1	$	147,600	$	623,400	$	771,000
Costs incurred during June		201,200		2,221,500		2,422,700

Total costs to account for	$	348,800	$	2,844,900	$	3,193,700

Required
1.	Complete each of the following process-costing steps using the weighted-average method:

a.	Calculation of equivalent units. Equivalent Unit Physical Units Direct Material Conversion

Units completed and transferred out during June
Work in process, June 30
Total units accounted for
Total equivalent units

Computation of unit costs. (Round "Costs per equivalent unit" to 2 decimal places.)

	Direct Materials	Conversion	Total
Total Cost to account for
Equivalent Units
Cost per equivalent Unit

Analysis of total costs. (Round "Costs per equivalent unit" to 2 decimal places.)

	# Of Equivalent Units	Cost per equivalent Unit	Total Cost
Cost of goods completed and transfered during January
Cost remaining in June 30 WOrk in Process:
Direct material
COnversion
Total Cost of June 30 Work in Process

2.	Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during June. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)