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Metal Corporation uses a process costing system. Data concerning the first processing department for the most...

Metal Corporation uses a process costing system. Data concerning the first processing department for the most recent month are listed below:

Beginning work-in-process inventory:

Units in beginning work-in-process inventory

1,200

Materials costs

$

9,120

Conversion costs

$

15,840

Percent complete with respect to materials

40

%

Percent complete with respect to conversion

30

%

Units started into production during the month

8,000

Materials costs added during the month

$

120,800

Conversion costs added during the month

$

284,000

Ending work-in-process inventory:

Units in ending work-in-process inventory

1,600

Percent complete with respect to materials

35

%

Percent complete with respect to conversion

40

%

Required:

  1. How many physical units of product are transferred out during the month?
  2. If Metal uses the weighted average method, what are the equivalent units of materials for the month?
  3. If Metal uses the weighted average method, what is the cost per equivalent unit for materials for the month?
  4. If Metal uses the FIFO method, what are the equivalent units of conversion for the month?
  5. If Metal uses the FIFO method, what is the cost per equivalent unit for conversion for the month?

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Expert Solution

ekkarill92 answered 1 year ago
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