FIFO method Requirement Materials Conversion Total a. Equivalent Units for NA b. Cost per unit c. Total costs completed and transferred out d. Cost in the ending WIP inventory S NA 2. Weighted Average method Requirement Materials Conversion Total a. Equivalent Units for b. Cost per unit c. Total costs completed and mpleted and transferred out d. Cost in the ending WIP inventory S Project 2 Case Study for Process Costing Williams Corporation's Department A has the following information: Completed Costs Beginning work in process: 6,000 units Direct Materials 80 sl 43.700 Conversion 40 35,550 New Units Started: 28,000 units Costs added during the month: Direct Materials 112.000 Conversion 88,200 Ending work in process: 2,000 units Direct Materials 601 Conversion SO Required: 1. Use the FIFO method to calculate: (a) Equivalent units. (b) Cost per unit, rounded to four decimal places. (c) Cost completed and transferred out, rounded to the nearest whole dollar. (d) Cost in the ending work-in-process inventory, rounded to the nearest whole dollar. 2. Use the weighted average method to answer items (a) through (d) in requirement 1. Please complete the tables on Page 3 and 4, and file your answers on Page 1 (a) Favivalent ums. FIFO Equivalent (a) Equivalent units. Physical Percentage Weighted Average Units Completio Equivalent Units Conversion Material Beginn Conversio II III TI Total Equivale (b) Cost per unit, rounded to FOUR decimal places. DETERMINE TOTAL COSTS Material Conversion local Beginning WIPS I Current Costs ITOTAL WTAVO Cost per EU FIFO er EU (c) Cost completed and transferred out, rounded to the nearest whole dollar. (d) Cost in the ending work-in-process inventory, rounded to the nearest whole dollar. Units Completed COST ASSIGNED-WEIGHTED and Transferred Units in Ending AVERAGE WIP Inventory ninished Goods 32000 units SI Ending WIP 2.00 Materials ICO TOTAL MANUFACTURING COSTS ACCOUNTED FOR I Units in Ending WIP Inventory and Transferred COST ASSIGNED FIRO Finished Goods 12,000 units Propied costs in Beginning WIP Current per conto complete Beg Materials started and finished Kost of u s TOTAL Ending WIP accounted for Less: Beginning Total Equivalent Units (b) Cost per unit, rounded to FOUR decimal places DETERMINE TOTAL COSTSManiacov Total Heginning WIPSTISTS Current Costs TOTAL SIISTIS WTAVG Lost EU STISNIS EU IS (c) Cost completed and transferred out, rounded to the nearest whole dollar. (d) Cost in the ending work-in-process inventory, rounded to the nearest whole dollar. Uits Completed and Transferred Units in Ending I WIP Inventory frota SIT COST ASSIGNED-WEIGHTED AVERAGE Finished Goods T32.000 Ending WIP 2.000 Materials Conversion TOTAL MANUFACTURING COSTS ACCOUNTED FOR Units in Ending WIP Inventory Total LIT COST ASSIGNED FIRO Finished Goods $2,000 Prior period costs in Beginning WIP Current per Cost to complete Beg WIP Materials Conversion Cost of units started and finished TOTAL In WIP FLOO Maria CONDO TOTAL MANUFACTURING COSTS ACCOUNTED FOR
