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.

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.

Weighted Average Method % of Completion Physical Units to be accounted for: Materials Units Conversion Units in beginning WIP inventory Units started during the period Total units to be accounted for % of Completion Physical Units accounted for Units completed Materials Units Conversion Units in ending WIP inventory Total units accounted for Physical Conversion Equivalent units of production Units Materials 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 MDIV/O! MDIN/O! MDIV/O! Conversion Costs accounted for Total Materials Costs assigned to units transferred out MDIV/O! MDM/O! MDIV/O! Costs assigned to WIP ending inventory MDIV/O! MDM/O! MDIV/O! Total Costs accounted for MDIV/O! MDIV/O! MDIV/O! Production Cost Report FIFO Method Physical % of Completion Units to be accounted for Materials Units Conversion Units in beginning WIP inventory Units started during the period Total units to be accounted for Physical % of Completion Units accounted for Materials Units Conversion Units completed Units in ending WIP inventory Total units accounted for Physical Equivalent units of production Materials Units Conversion Units in beginning WIP inventory Units started and completed Units in ending WIP inventory Equivalent units of production Total Costs to be accounted for Materials Conversion Costs in beginning WIP Current period costs Total costs to be accounted for S Total Materials Co t unit nversion per #DIV/0 #DIV / 0! Cost per equivalent unit #DIV/O