Question

. Using the weighted average process costing method, what is the total physical units to be accounted for? 2. Using the weighted average process costing method, what is the total cost? 3. Using the weighted average process costing method, what is the material cost per equivalent unit? 4. Using weighted average process costing method, what is the cost of units completed and transferred out? 5. Using the weighted average process costing method, what is the cost of ending work in process? 6. Using the FIFO process costing method what is the material beginning WIP equivalent units to be completed? 7. Using the FIFO process costing method, what is the material cost per equivalent unit? 8. Using the FIFO process costing method, what is the conversion cost per equivalent unit? 9. Using the FIFO process costing method, what is the cost of ending work in process?			Percent Completed
		Units	Material	Conversion
Work In Process, Beginning		20,000	100%	75%
Started into production		180,000
Completed and Transferred Units		160,000
Work In Process, Ending			100%	25%
			Materials	Conversion
Work in Process Beginning			$25,200	$24,800
Costs Added during period			$334,800	$238,700

Answer 1

FIFO
UNITS TO ACCOUNT FOR:
Beginning Work in Process units				20,000
Add: Units Started in Process				180,000
Total Units to account for:				200,000
UNITS TO BE ACCOUNTED FOR:
Units completed from Beginning WIP				20000
Units started and completed				140,000
Ending Work in Process				40,000
Total Units to be accounted for:				200,000
Equivalent Units:
			Material Cost		Conversion
			% Completion	Units	% Completion	Units
Units completed from Beg. WIP			0%	0	25%	5,000
Units started and completed			100%	140,000	100%	140,000
Ending Work in Process			100%	40,000	25%	10,000
Total Equivalent units				180,000		155,000
TOTAL COST TO ACCOUNT FOR:
			Material		Conversion
Cost Added during May			334,800		238,700
Total Cost to account for:			334,800		238,700
Total Cost to account for:					573,500
COST PER EQUIVALENT UNIT:
			Material		Conversion
Total cost added during the year			334,800		238,700
Equivalent Units			180,000		155,000
Cost per Equivalent unit			1.86		1.54
TOTAL COST ACCOUNTED FOR:
Units Completed from Beginning WIP (20000 units)
			Equivalent unit	Cost per EU	Total Cost
Beginning Cost					50000
Material			0	1.86	0
Conversion Cost			5,000	1.54	7700
Cost of units completed from Beg WIP					57700
Units started and Transferred out (140000 units)
			Equivalent unit	Cost per EU	Total Cost
Material			140,000	1.86	260400
Conversion Cost			140,000	1.54	215600
Total Cost of Units completed and transferred out:					476000
Ending Work in process (40,000 units)
			Equivalent unit	Cost per EU	Total Cost
Material			40,000	1.86	74400
Conversison Cost			10,000	1.54	15400
Total cost of Ending Work in process:					89,800
WEIGHTED AVERAGE
UNITS TO ACCOUNT FOR:
Beginning Work in Process units				20,000
Add: Units Started in Process				180,000
Total Units to account for:				200,000
UNITS TO BE ACCOUNTED FOR:
Units started and completed				160,000
Ending Work in Process				40,000
Total Units to be accounted for:				200,000
Equivalent Units:
			Material Cost		Conversion
			% Completion	Units	% Completion	Units
Units started and completed			100%	160,000	100%	160,000
Ending Work in Process			100%	40,000	25%	10,000
Total Equivalent units				200,000		170,000
TOTAL COST TO ACCOUNT FOR:
			Material		Conversion
Beginning work in Process			25,200		24,800
Cost Added during May			334,800		238,700
Total Cost to account for:			360,000		263,500
Total Cost to account for:					623,500
COST PER EQUIVALENT UNIT:
			Material		Conversion
Total cost added during the year			360,000		263,500
Equivalent Units			200,000		170,000
Cost per Equivalent unit			1.8		1.55
TOTAL COST ACCOUNTED FOR:
Units started and Transferred out (160000 units)
			Equivalent unit	Cost per EU	Total Cost
Material			160,000	1.8	288000
Conversion Cost			160,000	1.55	248000
Total Cost of Units completed and transferred out:					536000
Ending Work in process (40,000 units)
			Equivalent unit	Cost per EU	Total Cost
Material			40,000	1.8	72000
Conversison Cost			10,000	1.55	15500
Total cost of Ending Work in process:					87,500
Req 1: The Toytal physical units to be accounted for: 200,000 units
Req 2: Total cost is $ 623500
Req 3: material cost per Equivalen units under weighted average: $ 1.80 per unit
Req 4: Cost of units completed and transferred: $ 536,000
Req 5: Cost of ending WIP: $ 87500
Req 6: Under FIFO, material beginning equivalen units to be completed is NIL
Req 7: Under FIFO, material cost per equivalent unit is $ 1.86 per unit
Req 8: Under FIFO, conversion cost per equivalent unit is $ 1.54 per unit
Req 9: Under FIFO, cost of ending inventory is $ 89800