Firenze, Inc., manufactures a product that goes through two departments prior to completion–the Mixing Department followed by the Packaging Department. The following information is available about work in the first department, the Mixing Department, during June. Percent Completed Materials 70% Units 85,000 400,000 385,000 100,000 Conversion Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June 30% 80% 45% $16,500 $263,000 $41,200 $368,000 Required: Assume that the company uses the weighted-average method. 1. Determine the equivalent units for June for the Mixing Department. 2. Compute the costs per equivalent unit for June for the Mixing Department. 3. Determine the total cost of ending work in process inventory and the total cost of u transferred to the Packaging Department. 4. Prepare a cost reconciliation report for the Mixing Department for June.

Firenze, Inc., manufactures a product that goes through two departments prior to completion–the Mixing Department followed by the Packaging Department. The following information is available about work in the first department, the Mixing Department, during June. Percent Completed Materials 70% Units 85,000 400,000 385,000 100,000 Conversion Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June 30% 80% 45% $16,500 $263,000 $41,200 $368,000 Required: Assume that the company uses the weighted-average method. 1. Determine the equivalent units for June for the Mixing Department. 2. Compute the costs per equivalent unit for June for the Mixing Department. 3. Determine the total cost of ending work in process inventory and the total cost of u transferred to the Packaging Department. 4. Prepare a cost reconciliation report for the Mixing Department for June.

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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