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Required: 1. Calculate each of the following amounts using weighted-average process costing: a. Equivalent units of direct materials and conversion. b. Equivalent unit costs of direct materials and conversion. c. Cost of goods completed and transferred out during the period. d. Cost of Work-in-Process Inventory at the end of the period. 2. Repeat requirement 1 using the FIFO method.

Required: 1. Calculate each of the following amounts using weighted-average process costing: a. Equivalent units of direct materials and conversion. b. Equivalent unit costs of direct materials and conversion. c. Cost of goods completed and transferred out during the period. d. Cost of Work-in-Process Inventory at the end of the period. 2. Repeat requirement 1 using the FIFO method.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 900 units into production and completed 1,000 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process. Following is a summary of production costs incurred during October: Beginning work-in-process Costs added in October Total costs Direct Materials $ 8,200 $ 8,200 Required: 1. Calculate each of the following amounts using weighted-average process costing: a. Equivalent units of direct materials and conversion. b. Equivalent unit costs of direct materials and conversion. Required 1 Conversion Costs $ 3,510 6,750 $ 10,260 c. Cost of goods completed and transferred out during the period. d. Cost of Work-in-Process Inventory at the end of the period. 2. Repeat requirement 1 using the FIFO method. Required 2 Complete this question by entering your answers in the tabs below. 1. Calculate each of the following amounts using weighted-average process costing: a. Equivalent units of direct materials and conversion. b. Equivalent unit costs of direct materials and conversion. (Round intermediate calculations to 2 decimal places.) c. Cost of goods completed and transferred out during the period. (Round intermediate calculations to 2 decimal places.) d. Cost of Work-in-Process Inventory at the end of the period. (Round intermediate calculations to 2 decimal places.) Show less A
Transcribed Image Text:Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 900 units into production and completed 1,000 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process. Following is a summary of production costs incurred during October: Beginning work-in-process Costs added in October Total costs Direct Materials $ 8,200 $ 8,200 Required: 1. Calculate each of the following amounts using weighted-average process costing: a. Equivalent units of direct materials and conversion. b. Equivalent unit costs of direct materials and conversion. Required 1 Conversion Costs $ 3,510 6,750 $ 10,260 c. Cost of goods completed and transferred out during the period. d. Cost of Work-in-Process Inventory at the end of the period. 2. Repeat requirement 1 using the FIFO method. Required 2 Complete this question by entering your answers in the tabs below. 1. Calculate each of the following amounts using weighted-average process costing: a. Equivalent units of direct materials and conversion. b. Equivalent unit costs of direct materials and conversion. (Round intermediate calculations to 2 decimal places.) c. Cost of goods completed and transferred out during the period. (Round intermediate calculations to 2 decimal places.) d. Cost of Work-in-Process Inventory at the end of the period. (Round intermediate calculations to 2 decimal places.) Show less A
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