| Question 3. Solex Company produces a high-quality insulation material that passes through two production processes. Data for June for the first process follow: Work in process Inventory, June 1. Work in process Inventory, June 30... Materials cost in work in process Inventory, June 1 Conversion cost In work in process Inventory, June 1 Units started Into production Units transferred to the next process..... Materials cost added during June.. Conversion cost added during June.. Units 60,000 40,000 Completion with Respect to Materials 75% 50% Completion with Respect to Conversion $56,600 $14,900 280,000 300,000 $385,000 $214,500 40% 25% Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for June for the first process. 2. Compute the costs per equivalent unit for June for the first process. 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June.
| Question 3. Solex Company produces a high-quality insulation material that passes through two production processes. Data for June for the first process follow: Work in process Inventory, June 1. Work in process Inventory, June 30... Materials cost in work in process Inventory, June 1 Conversion cost In work in process Inventory, June 1 Units started Into production Units transferred to the next process..... Materials cost added during June.. Conversion cost added during June.. Units 60,000 40,000 Completion with Respect to Materials 75% 50% Completion with Respect to Conversion $56,600 $14,900 280,000 300,000 $385,000 $214,500 40% 25% Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for June for the first process. 2. Compute the costs per equivalent unit for June for the first process. 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 20E: Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through...
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Question 3. Solex Company produces a high-quality insulation material that passes
through two production processes. Data for June for the first process follow:
Work in process Inventory, June 1.
Work in process Inventory, June 30...
Materials cost in work in process
Inventory, June 1
Conversion cost In work in process
Inventory, June 1
Units started Into production
Units transferred to the next process.....
Materials cost added during June..
Conversion cost added during June..
Units
60,000
40,000
Completion
with Respect
to Materials
75%
50%
Completion
with Respect
to Conversion
$56,600
$14,900
280,000
300,000
$385,000
$214,500
40%
25%
Required:
1. Assume that the company uses the weighted-average method of accounting
for units and costs. Determine the equivalent units for June for the first
process.
2. Compute the costs per equivalent unit for June for the first process.
3. Determine the total cost of ending work in process inventory and the total
cost of units transferred to the next process in June.
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