The Inventory at June 1 and Costs Charged to Work

question 145

Essay

The inventory at June 1 and costs charged to Work in Process-Department 60 during June are as follows: During June, 32,000 units were placed into production and 31,200 units were completed, including those in inventory on June 1. On June 30, the inventory of work in process consisted of 4,600 units which were 40% completed. Inventories are costed by the average cost method and all materials are added at the beginning of the process.
Determine the following, presenting your computations:
a) Equivalent units of production for conversion cost
b) Conversion cost per equivalent unit and material cost per equivalent unit.
c) Total and unit cost of finished goods completed in the current period
d) Total cost of work in process inventory at June 30

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Definitions:

Sensory Information

Data received by the senses, such as sight, sound, smell, taste, and touch, which is then processed by the brain to make sense of the world.

Thalamus

A structure within the brain that acts as a relay station, transmitting information between different areas of the brain.

Magnetic Resonance Imaging (MRI)

Brain-imaging method using radio waves and magnetic fields of the body to produce detailed images of the brain.

Radio Waves

Electromagnetic waves with wavelengths longer than infrared light, used in communication systems for broadcasting, radar, and satellite transmissions.