Question
Metal Corporation uses a process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work-in-process inventory: Units
Metal Corporation uses a process costing system. Data concerning the first processing department for the most recent month are listed below:
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Beginning work-in-process inventory: |
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Units in beginning work-in-process inventory |
| 1,200 |
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Materials costs | $ | 9,120 |
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Conversion costs | $ | 15,840 |
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Percent complete with respect to materials |
| 40 | % | |
Percent complete with respect to conversion |
| 30 | % | |
Units started into production during the month |
| 8,000 |
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Materials costs added during the month | $ | 120,800 |
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Conversion costs added during the month | $ | 284,000 |
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Ending work-in-process inventory: |
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Units in ending work-in-process inventory |
| 1,600 |
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Percent complete with respect to materials |
| 35 | % | |
Percent complete with respect to conversion |
| 40 | % | |
Required:
- How many physical units of product are transferred out during the month?
- If Metal uses the weighted average method, what are the equivalent units of materials for the month?
- If Metal uses the weighted average method, what is the cost per equivalent unit for materials for the month?
- If Metal uses the FIFO method, what are the equivalent units of conversion for the month?
- If Metal uses the FIFO method, what is the cost per equivalent unit for conversion for the month?
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