Accounting help needed

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2. (TCO F) The Illinois Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below.

                                                                        Percentage Completed                                                    Units            Materials     Conversion Work in process, June 1              150,000             75%          55% Work in process, Jun 30              145,000             85%          75%

The department started 475,000 units into production during the month and transferred 480,000 completed units to the next department.

Required: Compute the equivalent units of production for the first department for June, assuming that the company uses the weighted-average method of accounting for units and costs.

(Points : 20)

1. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larklin Corporation for the just-completed year.

 

 Sales

 $820

 

 Purchases of raw materials

 $195

 

 Direct labor

 $170

 

 Manufacturing overhead

 $250

 

 Administrative expenses

 $180

 

 Selling expenses

 $140

 

 Raw materials inventory, beginning

 $80

 

 Raw materials inventory, ending

 $35

 

 Work-in-process inventory, beginning

 $65

 

 Work-in-process inventory, ending

 $30

 

 Finished goods inventory, beginning

 $130

 

 Finished goods inventory, ending

 $165

Required: Prepare a Schedule of Cost of Goods Manufactured  statement in the text box below.

(Points : 15)