Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer all required parts. Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30 . During
Please answer all required parts.
Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30 . During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process. Following is a summary of production costs incurred during October: Required: 1. Calculate each of the following amounts using weighted-average process costing: a. Equivalent units of direct materials and conversion. b. Equivalent unit costs of direct materials and conversion. c. Cost of goods completed and transferred out during the period. d. Cost of Work-in-Process Inventory at the end of the period. 2. Prepare a production cost report for October using the weighted-average method. 3. Repeat requirement 1 using the FIFO method. 4. Repeat requirement 2 using the FIFO method. Complete this question by entering your answers in the tabs below. 1. Calculate each of the following amounts using weighted-average process costing: a. Equivalent units of direct materials and conversion. b. Equivalent unit costs of direct materials and conversion. (Round intermediate calculations to two decimal places.) c. Cost of goods completed and transferred out during the period. (Round intermediate calculations to two decimal places.) d. Cost of Work-in-Process Inventory at the end of the period. (Round intermediate calculations to two decimal places.) irest whole dolla Repeat requirement 1 using the FIFO method. (Round "Cost per equivalent unit" answers to 2 decimal places.) Round "Cost perStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started