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: Percentage Completed Materials Conversion Work in process, beginning Started into production Completed and transferred out Work in process, ending Unite 53,000 452,000 399,000 106,000 75% 358 708 15% Work in process, beginning Cost added during June Haterials $ 28,500 $334,000 Conversion $ 18,000 $132,000 Required: Assume that the company uses the FIFO method. 1. Determine the equivalent units for June for the first process. Materials Conversion Equivalent units of production 2. Compute the costs per equivalent unit for June for the first process. (Round your answers to 3 decimal places.) Materials Conversion Cost per equivalent unit 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June. (Round intermediate calculations to 3 decimal places.) Materials Conversion Total Cost of ending work in process inventory Cost of units transferred out

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: Percentage Completed Materials Conversion Work in process, beginning Started into production Completed and transferred out Work in process, ending Unite 53,000 452,000 399,000 106,000 75% 358 708 15% Work in process, beginning Cost added during June Haterials $ 28,500 $334,000 Conversion $ 18,000 $132,000 Required: Assume that the company uses the FIFO method. 1. Determine the equivalent units for June for the first process. Materials Conversion Equivalent units of production 2. Compute the costs per equivalent unit for June for the first process. (Round your answers to 3 decimal places.) Materials Conversion Cost per equivalent unit 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June. (Round intermediate calculations to 3 decimal places.) Materials Conversion Total Cost of ending work in process inventory Cost of units transferred out

Name: CloverSweet Inc. manufactures a product that goes through two departm
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Description: CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the tablebelow is available about work in the first department, the Mixing Department, during June:Unite53,000452,00০Percentage C

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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