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 800 units into production and completed 900 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 Direct Materials Conversion Costs $ 2,625 Total costs Required: $ 9,100 5,800 $ 9,100 $ 8,425 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Repeat requirement 1 using the FIFO method. (Round "Cost per equivalent unit" answers a. Equivalent units b. Equivalent unit costs c. Cost of goods completed and transferred out d. Cost of work-in-process Direct Materials Conversion
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 800 units into production and completed 900 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 Direct Materials Conversion Costs $ 2,625 Total costs Required: $ 9,100 5,800 $ 9,100 $ 8,425 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Repeat requirement 1 using the FIFO method. (Round "Cost per equivalent unit" answers a. Equivalent units b. Equivalent unit costs c. Cost of goods completed and transferred out d. Cost of work-in-process Direct Materials Conversion
Chapter1: Financial Statements And Business Decisions
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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 800 units into production and completed
900 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
Direct
Materials
Conversion
Costs
$ 2,625
Total costs
Required:
$ 9,100
5,800
$ 9,100
$ 8,425
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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Repeat requirement 1 using the FIFO method. (Round "Cost per equivalent unit" answers
a. Equivalent units
b. Equivalent unit costs
c. Cost of goods completed and transferred out
d. Cost of work-in-process
Direct
Materials
Conversion
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