Honeybutter, Inc., manufactures a product that goes through two departments prior to completionthe Mixing Department...
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Accounting
Honeybutter, Inc., manufactures a product that goes through two departments prior to completionthe Mixing Department followed by the Packaging Department. The following information is available about work in the first department, the Mixing Department, during June. Assume the company uses the FIFO method in its process costing system.
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
Required:
1.
Determine the equivalent units for June for the Mixing Department.
Materials
Conversion
Equivalent units of production
2.
Compute the costs per equivalent unit for June for the Mixing Department. (Round your answers to 2 decimal places.)
Materials
Conversion
Cost per equivalent unit
$
$
3.
Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process for the Mixing Department in June. (Do not round intermediate calculations. Round your final answer to nearest whole number.)
Total cost of ending work in process inventory
$
Cost of units transferred out
$
4.
Prepare a cost reconciliation report for the Mixing Department for June. (Do not round intermediate calculations. Round your final answer to nearest whole number.)
Mixing Department Cost Reconciliation
Costs to be accounted for:
(Click to select)Cost of units completed and transferred outCost of ending work in process inventoryCost of beginning work in process inventory
$
(Click to select)Cost of units completed and transferred outCost of ending work in process inventoryCosts added to production during the period
Total cost to be accounted for
$
Costs accounted for as follows:
(Click to select)Cost of beginning work in process inventoryCost of ending work in process inventoryCosts added to production during the period
$
(Click to select)Costs added to production during the periodCost of units completed and transferred outCost of beginning work in process inventory
Total cost accounted for
$
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