Selected Production and Cost Data of Rivera Manufacturing Company Follow

question 152

Essay

Selected production and cost data of Rivera Manufacturing Company follow for June:
On June 30,the Mixing Department's ending Work-in-Process Inventory was 80% complete for materials and 40% complete for conversion costs.The Finishing Department's ending Work-in-Process Inventory was 75% complete for materials and 60% complete for conversion costs.The weighted-average method is used.
Requirements:
1.Compute the equivalent units of production for direct materials and for conversion costs for the Mixing Department.
2.Compute the equivalent units of production for transferred in costs,direct materials,and conversion costs for the Finishing Department.

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Definitions:

Closing Entry

An accounting procedure used to transfer balances from temporary accounts to permanent ones at the end of an accounting period, thereby preparing the temporary accounts for the next period.

Income or Loss

The financial result of an organization's operations over a specific period, calculated as revenue minus expenses, indicating profitability or a deficit.

Financial Statements

Reports detailing the financial performance, position, and cash flows of a business over a specific period.

Current Asset

Resources anticipated to be turned into cash, disposed of, or used up within a period of one year or the duration of the business's operational cycle, depending on which timeframe extends further.