Mode Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department 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 evenly during the process. Mode uses the weighted-average method of process costing. Information for June 2020 follows: Requirement 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. (Enter a "0" for any zero balar Equivalent Units Direct Materials Work in process, beginning inventory (June 1) Transferred in during June To account for Completed and transferred out during June Work in process, ending inventory (June 30) Accounted for Equivalent units work done to date Physical Units Transferred-In Costs (tons) 85 150 155 80 Conversion Costs Data table 2 Work in process, beginning inventory (June 1) Degree of completion, beginning work in process 4 Transferred-in during June 3 5 Completed and transferred out during June 6 Work in process, ending inventory (June 30) Degree of completion, ending work in process 8 Total costs added during June Requirements A 2. 3. B Physical Units (tons) 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. 85 S 150 155 80 C D E Transferred-In Direct Conversion Costs Materials Costs $ Summarize total costs to account for, and calculate cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. Assign costs to units completed (and transferred out) and to units in ending work in process. 85,000 $ 100% 100% 155,000 $ - X os 0% 0% 38,750 $ 25,500 60% 75% 80,600
Mode Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department 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 evenly during the process. Mode uses the weighted-average method of process costing. Information for June 2020 follows: Requirement 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. (Enter a "0" for any zero balar Equivalent Units Direct Materials Work in process, beginning inventory (June 1) Transferred in during June To account for Completed and transferred out during June Work in process, ending inventory (June 30) Accounted for Equivalent units work done to date Physical Units Transferred-In Costs (tons) 85 150 155 80 Conversion Costs Data table 2 Work in process, beginning inventory (June 1) Degree of completion, beginning work in process 4 Transferred-in during June 3 5 Completed and transferred out during June 6 Work in process, ending inventory (June 30) Degree of completion, ending work in process 8 Total costs added during June Requirements A 2. 3. B Physical Units (tons) 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. 85 S 150 155 80 C D E Transferred-In Direct Conversion Costs Materials Costs $ Summarize total costs to account for, and calculate cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. Assign costs to units completed (and transferred out) and to units in ending work in process. 85,000 $ 100% 100% 155,000 $ - X os 0% 0% 38,750 $ 25,500 60% 75% 80,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Mode Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department 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 evenly during the process.
Mode uses the weighted-average method of process costing. Information for June 2020 follows:
Requirement 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. (Enter a "0" for any zero balar
Equivalent Units
Direct
Materials
Work in process, beginning inventory (June 1)
Transferred in during June
To account for
Completed and transferred out during June
Work in process, ending inventory (June 30)
Accounted for
Equivalent units work done to date
Physical Units
(tons)
85
150
155
80
Transferred-In
Costs
Conversion
Costs
Data table
1
2 Work in process, beginning inventory (June 1)
Degree of completion, beginning work in process
4 Transferred-in during June
3
5 Completed and transferred out during June
6 Work in process, ending inventory (June 30)
7
Degree of completion, ending work in process
Total costs added during June
8
Requirements
A
2.
B
Physical
Units (tons)
85 $
150
155
80
1. Calculate equivalent units of transferred-in costs, direct materials, and
conversion costs.
C
D
Transferred-In Direct
Costs
Materials
$
Summarize total costs to account for, and calculate cost per equivalent unit
for transferred-in costs, direct materials, and conversion costs.
3. Assign costs to units completed (and transferred out) and to units in ending
work in process.
-
85,000 $
100%
100%
155,000 $
X
E
Conversion
Costs
0 $
0%
0%
38,750 $
25,500
60%
75%
80,600
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