CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown...

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Accounting

CloverSweet Inc. manufactures a product that goes through twodepartments prior to completion. The information shown in the tablebelow is available about work in the first department, the MixingDepartment, during June:
Percent Complete
Units Materials Conversion
  Work in process,beginning 50,000 75 % 30 %
  Started intoproduction 430,000
  Completed andtransferred out 380,000
  Work in process,ending 100,000 60 % 40 %
Materials
Conversion
  Work in process,beginning $ 45,500 $ 25,000
  Cost added duringJune $ 425,500 $ 145,000
Required:
Assume that the company uses theweighted-average method.
1. Determine the equivalent unitsfor June for the first process.


2.
Compute the costs per equivalent unit for June for the firstprocess. (Round your answers to 3 decimalplaces.)


3.
Determine the total cost of ending work in process inventory andthe total cost of units transferred to the next process in June.(Round intermediate calculations to 3 decimalplaces.)


4.
Prepare a report that reconciles the total costs assigned to theending work in process inventory and the units transferred out withthe costs in beginning inventory and costs added during the period.(Round intermediate calculations to 3 decimalplaces.)

Answer & Explanation Solved by verified expert

3.8 Ratings (416 Votes)

Requirement 1 Material Conversion Equivalent units of production 440000 420000 Working EUP Weighted Average Method Units Material EUP Materials Conversion EUP Conversion Units TRANSFERRED 380000 100 380000 100 380000 Units of ENDING WIP 100000 60 60000 40 40000 Equivalent Units of See Answer

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		Percent Complete

	Units	Materials			Conversion
Work in process,beginning	50,000		75	%		30	%
Started intoproduction	430,000
Completed andtransferred out	380,000
Work in process,ending	100,000		60	%		40	%

		Materials			Conversion
Work in process,beginning		$	45,500		$	25,000
Cost added duringJune		$	425,500		$	145,000