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Solex Company produces a high-quality insulation material that passes through two production processes. Data for June for the first process follow:
Units
Completion with Respect to Materials
Completion with Respect to Conversion
Work in process inventory, June 1
52,000
75
%
40
Work in process inventory, June 30
32,000
50
25
Materials cost in work in process inventory, June 1
$
45,500
Conversion cost in work in process inventory, June 1
12,100
Units started into production
246,000
Units transferred to the next process
266,000
Materials cost added during June
309,820
Conversion cost added during June
174,220
Required:
1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for June for the first process.
Materials
Conversion
Equivalent units of production
2. Compute the costs per equivalent unit for June for the first process. (Round your answers to 2 decimal places.)
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 in June. (Round your intermediate calculations to 2 decimal places. Round your final answer to whole dollar amount.)
Total
Cost of ending work in process inventory
Cost of units transferred to the next process
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