Question

Asaya Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses on the finishing department. Direct materials are added at the end of the process. Conversion costs are added evenly during the process. Suppose that Asaya uses the FIFO method. The following information for June 2017 is available. (Click the icon to view the information.) Read the requirements. Requirement 1. Calculate equivalent units of work done in the current period for transferred-in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. (Enter a "0" for any zero balances.) Physical Units (tons) Equivalent Units Transferred-In Direct Costs Materials Conversion Costs Work in process, beginning 95 Transferred-in during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent units of work done in current period

Answer 1

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Part 1
			Equivalent Units
		Physical	Transferred-	Direct	Conversion
Flow of Production		Units	in Costs	Materials	Costs
Work in process, beginning (given)		95
Transferred in during current period (given)		175
To account for		270
Completed and transferred out during period		190	190	190	190
Work in process, ending (given)	100%,0% and 75%	80	80	-	60
Accounted for		270
Work done to date			270	190	250
Part 2
	Total Production Costs	Transferred-in Costs	Direct Materials	Conversion
				Costs
Work in process, beginning (given)	$                                    118,000	$                                  89,500	$                                   -	$               28,500
Costs added in current period (given)	$                                    333,450	$                               180,500	$                         52,250	$             100,700
Total costs to account for	$                                    451,450	$                               270,000	$                         52,250	$             129,200
Costs incurred to date		$                               270,000	$                         52,250	$             129,200
Divide by equivalent units of work done to date	From Part -1	270	190	250
Cost per equivalent unit of work done to date		$                              1,000.00	$                         275.00	$               516.80
Part 3
Completed and transferred out (190 units)	$                                    340,442	$                               190,000	$                         52,250	$               98,192
Work in process, ending (80 units)	$                                    111,008	$                                  80,000	$                                   -	$               31,008
Total costs accounted for	$                                    451,450	$                               270,000	$                         52,250	$             129,200