Percent Completed Materials Conversion Units 100% Work in process, beginning .. Started into production Completed and transferred out Work in process, ending... 75% 20,000 180,000 160,000 40,000 100% 25% Materials Conversion Work in process, beginning. Cost added during June $25,200 $334,800 $24,800 $238,700

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Comprehensive Problem—Weighted-Average Method

Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June.

Required:

1. Calculate the Blending Department’s equivalent units of production for materials and conversion in June.

2. Calculate the Blending Department’s cost per equivalent unit for materials and conversion in June.

3. Calculate the Blending Department’s cost of ending work in process inventory for materials, conversion, and in total for June.

4. Calculate the Blending Department’s cast of units transferred out to the Bottling Department for materials, conversion, and in total for June.

5. Prepare a cost reconciliation report for the Blending Department for June.

Percent Completed
Materials
Conversion
Units
100%
Work in process, beginning ..
Started into production
Completed and transferred out
Work in process, ending...
75%
20,000
180,000
160,000
40,000
100%
25%
Materials
Conversion
Work in process, beginning.
Cost added during June
$25,200
$334,800
$24,800
$238,700
Transcribed Image Text:Percent Completed Materials Conversion Units 100% Work in process, beginning .. Started into production Completed and transferred out Work in process, ending... 75% 20,000 180,000 160,000 40,000 100% 25% Materials Conversion Work in process, beginning. Cost added during June $25,200 $334,800 $24,800 $238,700
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 5 images

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education