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Based on the anwser bellow, How much cost will you transfer to the next WIP department using the FIFO method? Weighted average method: category Total

Based on the anwser bellow, How much cost will you transfer to the next WIP department using the FIFO method?

Weighted average method:

category Total units Equivalent units
Direct meterial Convertion

products completed During the

month

240,000+31,000-21,000

=250,000

250,000 250,000
Ending work in process 21,000 6,300 12,600
Equivalent cost per unit
Total cost Equivalent units Equivalent cost per unit
Direct meterial 1,250,000+135,000=1,385,000 256,300 5.404
Convertion

210,000+48,000+586,000

=844,000

262,600 3.214
Total cost of each category
Direct meterials convertion total
Products completed in the month 5.404*250,000=1,351,000 3.214*250,000=803,500 2,154,500
Ending WIP 6300*5.404=34,045.2 12,600*3.214=40,496.4 74,541..6

FIFO method:

category Total units Equivalent Units
Direct meterial Convertion Cost
Begining Work in process 31,000 12,400 (remaining 40%) 18,600 (remaining 60%)
Units started and completed

240,000-21,000

219,000

219,000 219,000
Ending Work in process 21,000 6,300 (30% completed)

12,600

(60% completed)

Total 237,700 250,200
Equivalent cost per unit
total cost Equivalent units Equivalent cost per unt
direct meterial 1,250,000 237,700 5.26
convertion 634,000 250,200 2.534
Total cost of each category
Direct meterials convertion cost total

Begining work in process comleted

in may

135,000+(5.26*12,400)

=200,224

210,000(18,600*2.534)

=257,132.4

457,356.4
Started and completed 219,000*5.26=1,151,940 219,000*2.534=554,946 1,706,886
Ending Work in process 6,300*5.26=33,138 12,600*2.534=31,928.4 65,066.4

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