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PROBLEM 6-10 Equivalent Units, Cost per Equivalent Unit, Assigning Costs-Weighted-Average Method [LO2, L03,L04,L05] 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 Costs added during June Required: Assume that the company uses the weighted-average method. 1. Determine the equivalent units for June for the first process. Percentage Complete Units Materials 50,000 75% 430,000 380,000 100,000 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. Conversion 30% 60% Materials $ 45,500 $425,500 40% Conversion $ 25,000 $145,000

PROBLEM 6-10 Equivalent Units, Cost per Equivalent Unit, Assigning Costs-Weighted-Average Method [LO2, L03,L04,L05] 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 Costs added during June Required: Assume that the company uses the weighted-average method. 1. Determine the equivalent units for June for the first process. Percentage Complete Units Materials 50,000 75% 430,000 380,000 100,000 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. Conversion 30% 60% Materials $ 45,500 $425,500 40% Conversion $ 25,000 $145,000

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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VloverSweet Inc. manufactures a product
PROBLEM 6-10 Equivalent Units, Cost per Equivalent Unit, Assigning Costs-Weighted-Average Method [LO2, L03,L04,LOS] 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 Costs added during June Required: Assume that the company uses the weighted-average method. 1. Determine the equivalent units for June for the first process. Percentage Complete Units Materials 50,000 75% 430,000 380,000 100,000 Conversion 30% 60% Materials $ 45,500 40% Conversion $ 25,000 $425,500 $145,000 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. 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.
Transcribed Image Text:PROBLEM 6-10 Equivalent Units, Cost per Equivalent Unit, Assigning Costs-Weighted-Average Method [LO2, L03,L04,LOS] 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 Costs added during June Required: Assume that the company uses the weighted-average method. 1. Determine the equivalent units for June for the first process. Percentage Complete Units Materials 50,000 75% 430,000 380,000 100,000 Conversion 30% 60% Materials $ 45,500 40% Conversion $ 25,000 $425,500 $145,000 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. 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.
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