Please help me to solve this problem Trendy 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 areadded as discussed in the required section below. Conversion costs are added evenly during the process. Trendy uses the weighted-average method of process costing. The following.information for June 2017 is available:CONVERSION COSTS ARE 50% FOR BEG INVENTORY AND 75% FOR ENDING INVENTORY.Units:bwip 60transferred in during month 100completed and transferred out 120ending inventory (solve for this number)Costs:Prior period costs -direct materials $0.transferred in $60000conversion costs $24000costs added this period -direct materials $27,000transferred in $117,000conversion costs $62400 Required:1. Assuming that direct materials are added at the end of the process, prepare a production cost report using (1) fifo and (2) weighted average.2. Assuming that direct materials are added at the beginning of the process, prepare a production cost report using (1) fifo and (2) weighted average.

Conversion cost refers to those costs involved in converting the direct material into finished…

Answered: ND 75% FOR ENDING INVENTORY.

Business

Accounting

ND 75% FOR ENDING INVENTORY.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 3PB: Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is...

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