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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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