Myra Company manufactures a product through two departments, Assembly and Finishing. Consider the Finishing Department, where direct materials (packaging) are added when processing is 80% complete. Conversion costs are added evenly during the process. The accounting records provide the following information for the month:

Physical Units 600

2,200 2,500 300

Transferred-in Costs

$ 7,490

Packaging Materials $ 5,330

Conversion Costs

$ 4,124

Beginning work in process* Started (transferred in) during the month Competed during the month Ending work in process** Total costs added during the month

$26,950 *Degree of completion for BWIP: Transferred-in costs, ?; packaging materials, ?; conversion costs, 85%

$17,670 **Degree of completion for EWIP: Transferred-in costs, ?; packaging materials, ?; conversion costs, 40%

Required: 1. Using the weighted average method, prepare a process costing report for the Finishing Department for

the month.

1. Calculate the physical units to be accounted for and units accounted for.

2. Calculate the equivalent units for each applicable cost category.

3. Determine the costs to account for and cost per equivalent unit.

4. Calculate the costs assigned to goods completed and transferred out and to ending work in

   process.

5. Prepare journal entries for transfers (a) from Assembly to Finishing, and (b) from Finishing to

   finished goods.

3. Repeat requirements 1 using the first-in, first-out (FIFO) method.

1. Calculate the physical units to be accounted for and units accounted for. How many units are started and completed?

2. Calculate the equivalent units for each applicable cost category.

3. Determine the costs to account for and cost per equivalent unit.

4. Calculate the costs assigned to goods completed and transferred out and to ending work in

   process.

5. Prepare journal entries for transfers (a) from Assembly to Finishing, and (b) from Finishing to

$18,146

finished goods.