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 Part 1 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 Part 2 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 of Completion Materials Physical Units accounted for Units Conversion Units completed Units in ending WIP inventory Total units accounted for Physica Equivalent units of production Units Materials Conversion n be gihhing d tory Units in endine WR invo nton Equivalent units of production Costs to be accounted for Costs in beeinnine WIP Current period costs Materials Total Conversion Total costs to be accounted for Costs perequival ent unit Cost per equivalent unit Total Materials Conversion DIV 0 DIV 0 DIV 0 Total DIV 0 Costs accounted for Materials Conversion DIV 0 DIV 0 Costs assigned to units transferred out DIV 0 DIV 0 DIV 0 DIV 0 DIV 0 DIV 0 Costs assigned to WIP endinginventory Total Costs accounted for

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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%

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

Part 1: 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.

Part 2: Using the FIFO (first-in-first out method):

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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 % of Completion Materials Physical Units accounted for Units Conversion Units completed Units in ending WIP inventory Total units accounted for Physica Equivalent units of production Units Materials Conversion n be gihhing d tory Units in endine WR invo nton Equivalent units of production Costs to be accounted for Costs in beeinnine WIP Current period costs Materials Total Conversion Total costs to be accounted for Costs perequival ent unit Cost per equivalent unit Total Materials Conversion #DIV/ 0 ! #DIV / 0! #DIV/ 0! Total #DIV/ 0! Costs accounted for Materials Conversion #DIV/0! #DIV/0! Costs assigned to units transferred out #DIV/ 0! #DIV /0! #DIV/0! #DIV/0! #DIV/0! #DIV / 0! Costs assigned to WIP endinginventory Total Costs accounted for