The Inventory at June 1 and Costs Charged to Work

question 122

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 85% completed. Inventories are costed by the first-in, first-out method and all materials are added at the beginning of the process.Determine the following
(round unit cost data to four decimal places to minimize rounding differences):
(a)Equivalent units of production for conversion cost
(b)Conversion cost per equivalent unit
(c)Total and unit cost of finished goods started in prior period and completed in the current period
(d)Total and unit cost of finished goods started and completed in the current period
(e)Total cost of work in process inventory, June 30

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Definitions:

Bee Population

The number or collective of bees inhabiting a specific area or the globe, often discussed in the context of environmental concerns.

Pay-Cuts

Reductions in the amount of salary or wages paid to employees, often as a cost-saving measure by employers.

Economic Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in successive quarters.

Ambiguous Way

A manner that lacks clarity or has multiple interpretations, often leading to confusion.