Classic Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a...

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Classic Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses on the finishing department. Direct materials are added at the end of the process. Conversion costs are added evenly during the process. Suppose that Classic uses the FIFO method. The following information for June 2017 is available. (Click the icon to view the information.) Read the requirements. Requirement 1. Calculate equivalent units of work done in the current period (for transferred-in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. (Enter a "0" for any zero balances.) Work in process, beginning Transferred-in during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent units of work done in current period es Get more h Requirements Equivalent Units Physical Units Transferred-In (tons) Costs Direct Materials Conversion Costs 70 120 50 1. Calculate equivalent units of work done in the current period (for transferred- in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. 2. Summarize the total costs to account for, and calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. 3. Assign costs to units completed (and transferred out) and to units in ending work in process. - X Data table A B Physical Units Transferred-In (tons) Costs D Direct Materials E Conversion Costs 2 Work in process, beginning inventory (June 1) 70 $ 3 Degree of completion, beginning work in process 62,000 $ 100% 0 $ 0% 21,000 50% 4 Transferred-in during June 5 Completed and transferred out during June 6 Work in process, ending inventory (June 30) 120 140 50 7 Degree of completion, ending work in process 8 Total costs added during June $ 100% 126,000 $ 0% 31,500 $ 70% 74,200 Print Done Clear all Check answer Classic Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses on the finishing department. Direct materials are added at the end of the process. Conversion costs are added evenly during the process. Suppose that Classic uses the FIFO method. The following information for June 2017 is available. (Click the icon to view the information.) Read the requirements. Requirement 1. Calculate equivalent units of work done in the current period (for transferred-in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. (Enter a "0" for any zero balances.) Work in process, beginning Transferred-in during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent units of work done in current period es Get more h Requirements Equivalent Units Physical Units Transferred-In (tons) Costs Direct Materials Conversion Costs 70 120 50 1. Calculate equivalent units of work done in the current period (for transferred- in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. 2. Summarize the total costs to account for, and calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. 3. Assign costs to units completed (and transferred out) and to units in ending work in process. - X Data table A B Physical Units Transferred-In (tons) Costs D Direct Materials E Conversion Costs 2 Work in process, beginning inventory (June 1) 70 $ 3 Degree of completion, beginning work in process 62,000 $ 100% 0 $ 0% 21,000 50% 4 Transferred-in during June 5 Completed and transferred out during June 6 Work in process, ending inventory (June 30) 120 140 50 7 Degree of completion, ending work in process 8 Total costs added during June $ 100% 126,000 $ 0% 31,500 $ 70% 74,200 Print Done Clear all Check answer