34. LO.2 & LO.3 (EUP; cost per EUP; cost assignment; WA & FIFO)

Found Sound mass-produces miniature speakers for personal sound systems. The following cost information is available for June 2013:

Beginning inventory direct material cost $ 4,133.20

Beginning inventory conversion cost 873.10

Direct material issued during June 62,928.00

Direct labor incurred during June 13,070.00

Overhead applied during June 10,356.00

a. Compute the unit costs for June under the weighted average method for direct material and for conversion.

b. Determine the cost transferred out for June using the weighted average method.

c. Determine the cost of June 30 ending inventory using the weighted average method.

d. Compute the unit costs for June under the FIFO method for direct material and for conversion.

e. Determine the total costs transferred to Finished Goods Inventory during June using the FIFO method.

f. Determine the cost of June 30 ending inventory using the FIFO method.

g. Prepare the entries for the direct material, direct labor, and overhead cost assigned to production during June as well as the transfer of the completed goods during June using the weighted average method.