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
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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%
$41,200
$368,000
$16,500
$263,000
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 units
transferred to the Packaging Department.
4. Prepare a cost reconciliation report for the Mixing Department for June.
Transcribed Image Text: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% $41,200 $368,000 $16,500 $263,000 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 units transferred to the Packaging Department. 4. Prepare a cost reconciliation report for the Mixing Department for June.
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