Chilly Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a finishing
Question:
Uses the FIFO method. The following information for June 2017 is available..
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.)
Equivalent Units | ||||
Physical Units | Transferred-In | Direct | Conversion | |
(tons) | Costs | Materials | Costs | |
Work in process, beginning | 105 | |||
Transferred-in during current period | 160 | |||
To account for | 265 | |||
Completed and transferred out during current period: | ||||
From beginning work in process | 105 | |||
Started and completed | 105 | |||
Work in process, ending | 55 | |||
Accounted for | ||||
Equivalent units of work done in current period |
A | B | C | D | E | |
1 | Physical Units (tons) | Transferred-In Costs | Direct Materials | Conversion Costs | |
---|---|---|---|---|---|
2 | Work in process, beginning inventory (June 1) | 105 | $90,000 | $0 | $31,500 |
3 | Degree of completion, beginning work in process | 100% | 0% | 60% | |
4 | Transferred-in during June | 160 | |||
5 | Completed and transferred out during June | 210 | |||
6 | Work in process, ending inventory (June 30) | 55 | |||
7 | Degree of completion, ending work in process | 100% | 0% |
Cost Accounting A Managerial Emphasis
ISBN: 978-0133428704
15th edition
Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan