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Problem 6-10 CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work in the first department, the Mixing Department, during June: Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June Required: Assume that the company uses the weighted-average method. 1. Determine the equivalent units for June for the first process. Cost of ending work in process inventory Cost of units completed and transferred out Materials Conversion Materials Conversion Cost Reconciliation Costs accounted for as follows: Transferred to next department: Work in process June 30 Materials Conversion Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Total cost accounted for Materiala Equivalent units of production 2. Compute the costs per equivalent unit for June for the first process. (Round your answers to 3 decimal places.) Units 50,200 432,000 382,000 100,200 S Cost per equivalent unit 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June. (Round intermediate calculations to 3 decimal places.) S 0 0 0 Percent Complete Materials Conversion 75% 60% Materials $ 45,700 $425,700 $ $ 4. Prepare a report that reconciles the total costs assigned to the ending work in process inventory and the units transferred out with the costs in beginning inventory and costs added during the period. (Round Intermediate calculations to 3 decimal places.) Conversion 30% Total 408 0 0 Conversion $ 25,200 $145,200

Problem 6-10 CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work in the first department, the Mixing Department, during June: Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June Required: Assume that the company uses the weighted-average method. 1. Determine the equivalent units for June for the first process. Cost of ending work in process inventory Cost of units completed and transferred out Materials Conversion Materials Conversion Cost Reconciliation Costs accounted for as follows: Transferred to next department: Work in process June 30 Materials Conversion Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Total cost accounted for Materiala Equivalent units of production 2. Compute the costs per equivalent unit for June for the first process. (Round your answers to 3 decimal places.) Units 50,200 432,000 382,000 100,200 S Cost per equivalent unit 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June. (Round intermediate calculations to 3 decimal places.) S 0 0 0 Percent Complete Materials Conversion 75% 60% Materials $ 45,700 $425,700 $ $ 4. Prepare a report that reconciles the total costs assigned to the ending work in process inventory and the units transferred out with the costs in beginning inventory and costs added during the period. (Round Intermediate calculations to 3 decimal places.) Conversion 30% Total 408 0 0 Conversion $ 25,200 $145,200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 6-10 CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work in the first department, the Mixing Department, during June: Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June Required: Assume that the company uses the weighted-average method. 1. Determine the equivalent units for June for the first process. Materials Conversion Materials Conversion Cost of ending work in process inventory Cost of units completed and transferred out Cost Reconciliation Total cost accounted for Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Costs accounted for as follows: Transferred to next department: Work in process June 30 Materials Conversion Materials Units 50,200 432,000 382,000 100,200 Equivalent units of production 2. Compute the costs per equivalent unit for June for the first process. (Round your answers to 3 decimal places.) S S Cost per equivalent unit 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June. (Round intermediate calculations to 3 decimal places.) 0 0 0 Percent Complete Materials Conversion 75% 60% Materials $ 45,700 $425,700 $ $ 4. Prepare a report that reconciles the total costs assigned to the ending work in process inventory and the units transferred out with the costs in beginning inventory and costs added during the period. (Round Intermediate calculations to 3 decimal places.) Conversion 30% Total 408 0 0 Conversion $ 25,200 $145,200
Transcribed Image Text:Problem 6-10 CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work in the first department, the Mixing Department, during June: Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June Required: Assume that the company uses the weighted-average method. 1. Determine the equivalent units for June for the first process. Materials Conversion Materials Conversion Cost of ending work in process inventory Cost of units completed and transferred out Cost Reconciliation Total cost accounted for Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Costs accounted for as follows: Transferred to next department: Work in process June 30 Materials Conversion Materials Units 50,200 432,000 382,000 100,200 Equivalent units of production 2. Compute the costs per equivalent unit for June for the first process. (Round your answers to 3 decimal places.) S S Cost per equivalent unit 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June. (Round intermediate calculations to 3 decimal places.) 0 0 0 Percent Complete Materials Conversion 75% 60% Materials $ 45,700 $425,700 $ $ 4. Prepare a report that reconciles the total costs assigned to the ending work in process inventory and the units transferred out with the costs in beginning inventory and costs added during the period. (Round Intermediate calculations to 3 decimal places.) Conversion 30% Total 408 0 0 Conversion $ 25,200 $145,200
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