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Lawncraft, Inc. manufactures wooden lawn furniture using an assembly-line process.

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Lawncraft, Inc. manufactures wooden lawn furniture using an assembly-line process. All direct… 1 answer below » Lawncraft, Inc. manufactures wooden lawn furniture using an assembly-line process. All direct materi- als are introduced at the start of the process, and conversion cost is incurred evenly throughout manu- facturing. An examination of the company`s Work-in-Process Inventory account for June revealed the following selected information: Debit side: June 1 balance: 200 units, 25% complete as to conversion, cost $18,000* Production started: 800 units Direct material used during June: $43,000 June conversion cost: $30,000 Credit side: Production completed: 600 units *Supplementary View complete question » Lawncraft, Inc. manufactures wooden lawn furniture using an assembly-line process. All direct materi- als are introduced at the start of the process, and conversion cost is incurred evenly throughout manu- facturing. An examination of the company`s Work-in-Process Inventory account for June revealed the following selected information: Debit side: June 1 balance: 200 units, 25% complete as to conversion, cost $18,000* Production started: 800 units Direct material used during June: $43,000 June conversion cost: $30,000 Credit side: Production completed: 600 units *Supplementary records revealed direct-material cost of $12,000 and conversion cost of $6,000. Conversations with manufacturing personnel revealed that the ending work-in-process inventory was 75 percent complete as to conversion. Required: 1. Determine the number of units in the June 30 work-in-process inventory. 2. Calculate the cost of goods completed during June and prepare the appropriate journal entry to record completed production. 3. Determine the cost of the June 30 work-in-process inventory. 4. Briefly explain the meaning of equivalent units. Why are equivalent units needed to properly allo- cate costs between completed production and production in process? View less » Dec 04 2015 02:32 PM


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