At the Start of June, the Polishing Department of Wood

question 62

Essay

At the start of June, the Polishing Department of Wood Shiners had 15,000 units in beginning inventory which were 100% complete with respect to direct materials and conversion costs. During the month, it received 25,000 units from the Machining Department. It started and completed 17,000 units and transferred 32,000 units to the Packaging Department. It had 8,000 units in ending Work-in-Process Inventory. Direct materials are added at the beginning of the process. Units in ending Work-in-Process Inventory were 40% complete with respect to conversion costs.
Prepare the production cost report for the Polishing Department for the equivalent units of production for the month of June. Use the FIFO method.

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Definitions:

Foreign Currency

Currency used in international trade and investment, which is different from the domestic currency of the country of operation.

Presentation Currency

The currency in which a company's financial statements are presented, typically the national currency of the country where the company operates.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, typically comprising the balance sheet, income statement, and cash flow statement.

Historical Rate

An exchange rate used to convert foreign currency amounts involved in a transaction to the functional currency at the date the transaction occurred.