The Inventory at June 1 and Costs Charged to Work

question 119

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 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, i.e., $4.4444, 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:

Relational

Pertaining to or concerning the way in which two or more concepts, objects, or people are connected.

Prospective

Relating to or effective in the future; oriented towards potential developments or occurrences.

Retrospective

An analysis or review of past events, aimed at gaining insights or understanding for future improvements.

Identity

The way an individual or group perceives themselves, often shaped by cultural, social, and personal factors and can influence behavior and interactions.