(EUP: weighted average & FIFO) Matisse Company produces steel and uses a process costing system to assign...
Question:
(EUP: weighted average & FIFO) Matisse Company produces steel and uses a process costing system to assign production costs. During March 2006, the firm had a beginning Work in Process Inventory of 60,000 tons of steel that were 100 percent complete as to material and 40 percent complete as to conversion. During the month, raw material needed to produce 800,000 tons of steel was started in process. At month-end, 35,000 tons remained in Work in Process Inventory; these units were 90 percent complete as to material and 60 percent complete as to conversion.
a. Compute the total units to account for.
b. Determine how many units were started and completed.
C. Determine the equivalent units of production using the weighted aver¬ age method.
d. Determine the equivalent units of production using the FIFO method.
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