** No Rounding.

Answers:

3.Prime Cost/EU FIFO $ ______________________

4.OH Cost/EU Weighted Avg. $ ______________________

5.Total COGM FIFO $ ______________________

6.Total COGM Weighted Avg. $ ______________________

7.Dec. 1 WIP Balance: FIFO $ ______________________

8.Dec. 1 WIP Balance: Weighted Avg. $

Chapter 8 - It's the Great Pumpkin Charlie Brown is the CEO of The Great Pumpkin Co., a private company that manufactures giant decorative yard pumpkins. To manufacture their Great Pumpkins, the company requires pumpkins (materials); a factory staff for cleaning, carving, and buffing each unit (labor); as well as an insurance policy for the factory workers, wax for pumpkin buffing, and wages for Snoopy and Linus, the two factory security guards (overhead). The company is in its third year of operations and as the Chief Accounting Officer (CAO), you are wondering if the weighted average costing system is really the best way to provide information to Charlie Brown for decision making about % Complete Costs DL $22.400 Units OI OH 75% 20% 10% S4,110 S69.600 S118,000 WIP- Nov. 1 8 10% TransferredIn 16,000 S42,400 WIP-Nov 31,000 85% 40% 50% To access the costing systems, prepare the following a. FIFC b. weighted average i. Materials ii. DL i.Materials DL ii. OH the production process. To gain a better understanding of the cost management system and alternative options for product costing, prepare a comparison of costing methods for the month of November, given the following information: The equivalent units in November for a. Beginning balance in WIP - EU for work completed in October (prior period) b. Beginning balance in WIP - EU for work completed in November (current period) c. New units transferred into WIP - EU for work completed in November (current period) d. New units transferred into WIP- EU for work started but not finished in November 3. Determine the COGM for November under: a. FIFO b. Weighted Average 4. Determine the balance in WIP as of December 1 under