At the Start of June,the Polishing Department of Corona Counters,Inc

question 5

Essay

At the start of June,the Polishing Department of Corona Counters,Inc.had 15,000 units in beginning inventory.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 beginning Work-in-Process Inventory were 50% complete in respect to conversion costs.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:

Adjusting Entries

Entries made in accounting records at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Reversing Entries

are journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries from the end of the previous period.

Reversing Entries

Journal entries that are made at the beginning of an accounting period to reverse or cancel out adjusting journal entries made at the end of the previous accounting period.

Assets

Resources owned by a company that have economic value and can provide future benefits.