Bisson Furniture uses a process cost system to account for its chair factory. Beginning inventory consisted of 5,000 units (100% complete as to material, 55% complete as to labor) with a cost of $124,800 materials and $104,500 conversion. 58,000 units were started into production during the month with material costs of $1,537,000 and $2,124,375 of conversion costs. The ending inventory of 6,000 chairs was 100% complete as to materials and 40% complete as to labor. Required: HINT: Use the excel template found on blackboard Equivalent Units of Production to help you.

Using the weighted average costing method:

a. Compute the equivalent units of production for each input. b. Compute the cost per unit. c. Compute the cost transferred out to finished goods. d. Compute the ending work in process inventory balance.

Using the FIFO (first-in-first out method):

a. Compute the equivalent units of production for each input. b. Compute the cost per unit. c. Compute the cost transferred out to finished goods. d. Compute the ending work in process inventory balance.

Production Cost Report
Weighted Average Method
			Physical		% of Completion
Units to be accounted for:			Units		Materials		Conversion
Units in beginning WIP inventory
Units started during the period
Total units to be accounted for			-
			Physical		% of Completion
Units accounted for:			Units		Materials		Conversion
Units completed
Units in ending WIP inventory
Total units accounted for			-
			Physical
Equivalent units of production			Units		Materials		Conversion
Units in beginning WIP inventory			-		-		-
Units started and completed			-		-		-
Units in ending WIP inventory			-		-		-
Equivalent units of production			-		-		-
Costs to be accounted for			Total		Materials		Conversion
Costs in beginning WIP		$	-	$		$
Current period costs			-
Total costs to be accounted for		$	-	$	-	$	-
Costs per equivalent unit			Total		Materials		Conversion
Cost per equivalent unit		$		$		$
Costs accounted for			Total		Materials		Conversion
Costs assigned to units transferred out
Costs assigned to WIP ending inventory
Total Costs accounted for		$		$		$

Production Cost Report
FIFO Method
			Physical		% of Completion
Units to be accounted for:			Units		Materials		Conversion
Units in beginning WIP inventory
Units started during the period
Total units to be accounted for			-
			Physical		% of Completion
Units accounted for:			Units		Materials		Conversion
Units completed
Units in ending WIP inventory
Total units accounted for			-
			Physical
Equivalent units of production			Units		Materials		Conversion
Units in beginning WIP inventory			-		-		-
Units started and completed			-		-		-
Units in ending WIP inventory			-		-		-
Equivalent units of production			-		-		-
Costs to be accounted for			Total		Materials		Conversion
Costs in beginning WIP		$	-	$		$
Current period costs			-
Total costs to be accounted for		$	-	$	-	$	-
Costs per equivalent unit			Total		Materials		Conversion
Cost per equivalent unit		$		$		$
Costs accounted for			Total		Materials		Conversion
Costs assigned to units transferred out
Costs assigned to WIP ending inventory
Total Costs accounted for		$		$		$