can someone help me with this question Smith Clothing Pty Ltd is a manufacturer of winter clothes.
Question:
can someone help me with this question
Smith Clothing Pty Ltd 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. Smith Clothing uses the weighted-average method for process costing. The following information for June 2023 is available:
Physical units (car seats) | Transferred-in costs | Direct materials | Conversion costs | |
Work in process, beginning inventory (1 June) | 75 | $60,000 | $0 | $10,000 |
Degree of completion, beginning work in progress | 100% | 0% | 60% | |
Transferred in during June | 135 | |||
Completed and transferred out during June | 150 | |||
Work in process , ending inventory (30 June) | 60 | |||
Degree of completion, ending work in process | 100% | 0% | 75% | |
Total costs added during June | $120,000 | $50,000 | $60,000 |
Calculate equivalent units of transferred-in costs, direct material and conversion costs.
Summarise total costs to account for and calculate the cost per unit for transferred-in costs, direct materials and conversion costs
Assign total costs to units completed (and transferred out) and to units in ending work in process.