Help with part a,b.
P11.6 (LO 1, 2, 3, 4, 5, 6), AP Refer to the information in P11.5. After Porcha Industries finishes machining the component parts for its light fixtures, the parts move into the assembly process where more DM are added. This combination of previously machined DM and new assembly DM are then transformed into a finished chandelier. In the assembly department, conversion costs are added evenly throughout the process, as are the new DM-as the units move along the assembly line, more parts are added to each unit. The following select detail is associated with Porcha's May activity in the assembly process. Transferred In DM CC Units in beginning WIP Inventory 400 Beginning WIP Inventory degree of ? ? 80% completion Costs in beginning WIP Inventory under $27,500 $ 11,985 $ 6,413 FIFO Costs in beginning WIP Inventory under $27,200 $ 11,985 $ 6,413 weighted average New units started ? Costs added to WIP Inventory this period ? $246,140 $148,875 Units completed 8,200 Units in ending WIP Inventory 200 Ending WIP Inventory degree of ? ? 30% completion Required a. Determine the total cost of units completed and the cost of units in ending WIP Inventory-Assembly in May, by completing Steps 1-5 of the template, assuming Porcha Industries uses the FIFO method of pro- cess costing. b. Determine the total cost of units completed and the cost of units in ending WIP Inventory-Assembly in May, by completing Steps 1-5 of the template, assuming Porcha Industries uses the weighted average method of process costing. c. Record the journal entry to account for the transfer of units completed out of the WIP Inventory-Assembly account consistent with (1) the FIFO method and (2) the weighted average method. d. Calculate the total cost per completed unit at the end of the assembly process, under both methods, FIFO and weighted average. If they are the same, explain why, if they are different, explain how that could happen. P11.6 (LO 1, 2, 3, 4, 5, 6), AP Refer to the information in P11.5. After Porcha Industries finishes machining the component parts for its light fixtures, the parts move into the assembly process where more DM are added. This combination of previously machined DM and new assembly DM are then transformed into a finished chandelier. In the assembly department, conversion costs are added evenly throughout the process, as are the new DM-as the units move along the assembly line, more parts are added to each unit. The following select detail is associated with Porcha's May activity in the assembly process. Transferred In DM CC Units in beginning WIP Inventory 400 Beginning WIP Inventory degree of ? ? 80% completion Costs in beginning WIP Inventory under $27,500 $ 11,985 $ 6,413 FIFO Costs in beginning WIP Inventory under $27,200 $ 11,985 $ 6,413 weighted average New units started ? Costs added to WIP Inventory this period ? $246,140 $148,875 Units completed 8,200 Units in ending WIP Inventory 200 Ending WIP Inventory degree of ? ? 30% completion Required a. Determine the total cost of units completed and the cost of units in ending WIP Inventory-Assembly in May, by completing Steps 1-5 of the template, assuming Porcha Industries uses the FIFO method of pro- cess costing. b. Determine the total cost of units completed and the cost of units in ending WIP Inventory-Assembly in May, by completing Steps 1-5 of the template, assuming Porcha Industries uses the weighted average method of process costing. c. Record the journal entry to account for the transfer of units completed out of the WIP Inventory-Assembly account consistent with (1) the FIFO method and (2) the weighted average method. d. Calculate the total cost per completed unit at the end of the assembly process, under both methods, FIFO and weighted average. If they are the same, explain why, if they are different, explain how that could happen
