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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:
Beginning work-in-process inventory: Units in beginning work-in-process inventory 1,200 Materials costs 9,120 Conversion costs $ 15,840 Percent complete with respect to materials 40 % Percent complete with respect to conversion 30 % Units started into production during the month 8,000 Materials costs added during the month $ 120,800 Conversion costs added during the month $ 284,000 Ending work-in-process inventory: Units in ending work-in-process inventory 1,600 Percent complete with respect to materials 35 % Percent complete with respect to conversion 40 % 1. How many physical units of product are transferred out during the month? 2. If Metal uses the weighted average method, what are the equivalent units of materials for the month? 3. If Metal uses the weighted average method, what is the cost per equivalent unit for materials for the month? 4. If Metal uses the FIFO method, what are the equivalent units of conversion for the month? 5. If Metal uses the FIFO method, what is the cost per equivalent unit for conversion for the month
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