Transferred-in costs, weighted-average method. Trendy Clothing, Inc. is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses on the finishing de- partment. Direct materials are added at the end of the process. Conversion costs are added evenly during the process. Trendy uses the weighted-average method of process costing. The following information for June 2017 is available. Home Insert Page Layout Formulas Data Review View Physical Units Transferred-In (tons) Direct Conversion Costs Materials Costs 2 Work in process, beginning inventory (June 1) Degree of completion, beginning work in process 4 Transferred-in during June 5 Completed and transferred out during June 6 Work in process, ending inventory (June 30) Degree of completion, ending work in process 8 Total costs added during June 60 $ 60,000 $24,000 100% 0% 50% 100 120 40 100% 0% 75% $117,000 $27,000 $62,400

Transferred-in costs, weighted-average method. Trendy Clothing, Inc. is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses on the finishing de- partment. Direct materials are added at the end of the process. Conversion costs are added evenly during the process. Trendy uses the weighted-average method of process costing. The following information for June 2017 is available. Home Insert Page Layout Formulas Data Review View Physical Units Transferred-In (tons) Direct Conversion Costs Materials Costs 2 Work in process, beginning inventory (June 1) Degree of completion, beginning work in process 4 Transferred-in during June 5 Completed and transferred out during June 6 Work in process, ending inventory (June 30) Degree of completion, ending work in process 8 Total costs added during June 60 $ 60,000 $24,000 100% 0% 50% 100 120 40 100% 0% 75% $117,000 $27,000 $62,400

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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