Froblem. 2 knittingAsaya Clothing, Inc., is a manufacturer of winter clothes. It has adepartment 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 evenlyduring the process. The following information for June 2012 is available.Physical Units(tons)TransferredIn DirectConversionCostsCostsMaterialsWork in process, beginning 75$75,000$30,000inventory (June 1)Degreebeginning work in processof completionof100%0%60%Transferred - in during June135Completed and transferred out 150during JuneWorkinprocess, ending 60inventory (June 30)Degree of completion of ending100%0%75%work inprocessTotal costs added during June$142,500$37,500$78,0001. Suppose that Asaya uses the FIFO method instead of the weighted- average method in all ofits departments. The only changes to the above information under the FIF0 method are thattotal transferred in costs of beginning work in process on June 1 are $60,000 (instead of$75,000) and total transferred-in costs added during June are $130,800 (instead of $142,500).Using the FIFO method:a) Calculate equivalent units of transferred-in costs, direct materials, and conversion costs.2.

Equivalent Units of Production: It is the term used in the system of cost accounting so as to arrive…

1. Suppose that Asaya uses the FIFO method instead of the weighted- average method in all of its departments. The only changes to the above information under the FIFO method are that total transferred- in costs of beginning work in process on June 1 are $60.000 (instead of $75.000) and total transferred-in costs added during June are $130,800 (instead of $142,500). Using the FIFO method: a) Calculate cquivalent units of transferred- in costs, direct materials, and conversion costs.

1. Suppose that Asaya uses the FIFO method instead of the weighted- average method in all of its departments. The only changes to the above information under the FIFO method are that total transferred- in costs of beginning work in process on June 1 are $60.000 (instead of $75.000) and total transferred-in costs added during June are $130,800 (instead of $142,500). Using the FIFO method: a) Calculate cquivalent units of transferred- in costs, direct materials, and conversion costs.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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