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Please answer questions with a formula for each question/explanation for each question- thank you! Herlihy Industries manufactures plastic toys. During October, Herlihy's Fabrication Department started
Please answer questions with a formula for each question/explanation for each question- thank you!
Herlihy Industries manufactures plastic toys. During October, Herlihy's Fabrication Department started work on 10,300 models. During the month, the company completed 11,900 models, and transferred them to the Distribution Department. The company ended the month with 1100 models in ending inventory. There were 2700 models in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. Beginning work in process was 25% complete as to conversion costs, while ending work in process was 50% complete as to conversion costs. Beginning inventory: Direct materials costs $20,200 Conversion costs $11,400 Manufacturing costs added during the accounting period: Direct materials costs $70,500 Conversion costs $241,000 Questions for Direct Materials using the Weighted Average method of process costing (3 Points Total. You MUST show your work in Moodle to get credit) 1. What are the Equivalent Units for direct materials using the weighted average method for process costing? 2. What is the direct materials per unit cost using the weighted average method for process costing. 3. What is the cost of direct materials assigned to units in ending inventory using the weighted average method for process costing? Questions for Direct Materials using the FIFO method of process costing (3 Points Total. You MUST show your work in Moodle to get credit) 4. What are the Equivalent Units for direct materials using the FIFO method for process costing? 5. What is the direct materials per unit cost using the FIFO method for process costing. 6. What is the cost of direct materials assigned to units in ending inventory using the FIFO method for process costingStep by Step Solution
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