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Q1) Honey butter, Inc., produces product which goes through two departments previous to completion. Following information is available about work in first department, Mixing Department, in June.

    Percent Completed
  Units Materials Conversion
Work in process, beginning 70,000 70% 40%
Started into production 460,000    
Completed and transferred out 450,000    
Work in process, ending 80,000 75% 25%
    Materials Conversion
Work in process, beginning   $36,550 $13,500
Cost added during June   $391,850 $287,300

problem:

Suppose that company uses weighted-average method. Create a report which reconciles total costs assigned to ending work in process inventory and units transferred out with costs in starting inventory and costs added in the period.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918407

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