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Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month
Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available:
Work in process, August 1 (56% complete with respect to conversion) | 16,300 | |
Started in August | 118,400 | |
Completed | 118,400 | |
Work in process, August 31 (76% complete with respect to conversion) | 16,300 | |
Required:
a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method.
b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method.
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