Gerard Corporation adds raw materials to production at the beginning of the process in the Assembly Department. Materials data for this department for March 2011 are as follows:                  

	Costs
	Units	Materials	Conversion
Work in process, March 1	25,000	$ 68,750	$167,650
Started during March	100,000	300,000	903,350
Work in process, March 31	10,000

 

Beginning inventory was 70 percent complete. Ending inventory was 40 percent complete.

 

              11a. Refer to the information above. How many equivalent units for materials would there be for Gerard Corporation in March using the FIFO method? (Ans: 100,000)

 

              11b. Refer to the information above. How many equivalent units for conversion costs would there be for Gerard Corporation in March using the FIFO method? (Ans: 101,500)

 

11c. Refer to the information above. What is the cost of goods completed and transferred out for Gerard Corp using the Weighted Average method? (Ans: $1,374,250)

 

11d. Try to prepare complete cost of production reports based on the FIFO and Weighted Average methods using the above information. Note that you should get the answers to questions 11 through 13 if you do the complete cost of production reports.