Trendy Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a...
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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.) Work in process, beginning Transferred-in during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent units of work done in current period Equivalent Units Physical Units Transferred-In (tons) Costs Direct Materials Conversion Costs 60 100 40 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.) Work in process, beginning Transferred-in during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent units of work done in current period Equivalent Units Physical Units Transferred-In (tons) Costs Direct Materials Conversion Costs 60 100 40
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