5 CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work in the first department, the Mixing Department, during June: Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June Units 22,000 383,000 361,000 44,000 Materials $ 22,000 $304,000 Percentage Completed Conversion 25% Materials 75% 50% Conversion $ 20,500 $167,000 Required: Assume that the company uses the FIFO method. 1. Determine the equivalent units for June for the first process. 25%

5 CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work in the first department, the Mixing Department, during June: Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June Units 22,000 383,000 361,000 44,000 Materials $ 22,000 $304,000 Percentage Completed Conversion 25% Materials 75% 50% Conversion $ 20,500 $167,000 Required: Assume that the company uses the FIFO method. 1. Determine the equivalent units for June for the first process. 25%

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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