The Inventory at June 1 and Costs Charged to Work

question 173

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 that 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
(rounded to the nearest cent)
(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:

Circadian Rhythms

Biological processes that occur on a roughly 24-hour cycle, influencing sleep, wakefulness, and various bodily functions.

Pineal Gland

A small endocrine gland in the brain that produces melatonin, a hormone that regulates sleep patterns.

Melatonin

A hormone produced by the pineal gland that regulates sleep-wake cycles.

Seasonal Affective Disorder

A type of depression that occurs at a specific time of year, usually in the winter, when there is less natural sunlight.