| Question 3. Solex Company produces a high-quality insulation material that passes through two production processes. Data for June for the first process follow: Work in process Inventory, June 1. Work in process Inventory, June 30... Materials cost in work in process Inventory, June 1 Conversion cost In work in process Inventory, June 1 Units started Into production Units transferred to the next process..... Materials cost added during June.. Conversion cost added during June.. Units 60,000 40,000 Completion with Respect to Materials 75% 50% Completion with Respect to Conversion $56,600 $14,900 280,000 300,000 $385,000 $214,500 40% 25% Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for June for the first process. 2. Compute the costs per equivalent unit for June for the first process. 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June.

| Question 3. Solex Company produces a high-quality insulation material that passes through two production processes. Data for June for the first process follow: Work in process Inventory, June 1. Work in process Inventory, June 30... Materials cost in work in process Inventory, June 1 Conversion cost In work in process Inventory, June 1 Units started Into production Units transferred to the next process..... Materials cost added during June.. Conversion cost added during June.. Units 60,000 40,000 Completion with Respect to Materials 75% 50% Completion with Respect to Conversion $56,600 $14,900 280,000 300,000 $385,000 $214,500 40% 25% Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for June for the first process. 2. Compute the costs per equivalent unit for June for the first process. 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10PA: Production information shows these costs and units for the smoothing department in August. All...

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Step 1: Introduce to Weighted Average Method

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Step 2: Working for equivalent units

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Step 3: Working for cost per equivalent units

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Step 4: Working for cost assigned to units transferred out and ending WIP

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