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please solve it Payson Company produces a product that passes throug two departments: Mixing and Cooking. Both departments use the weighted average method, In the
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Payson Company produces a product that passes throug two departments: Mixing and Cooking. Both departments use the weighted average method, In the Mixing Department; all direct materials are added at the beginning of the process. All other manufacturing inputs are added uniformly. Payson uses the weighted average method. The following information pertains to the Mixing Department for February Beginning work in process (BWIP), February 1: 100.000 pounds, 100 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. The costs assigned to this work are as follows: Direct materials Direct labor Overhead 20.000 10.000 30.000 b-Ending work in process (EWIP), February 28: 50.000 pounds, 100 percent complete with respect to direct materials an 60 percent complete with respect to conversion costs. c Units completed and transferred out: 370.000 pounds. The following costs were added during the month: Direct materials 211.000 Direct labor 100.000 Overhead 270.000 Required: 1- Prepare a physical flow schedule 2- Prepare a schedule of equivalent units 3- Compute the cost per equivalent unit 4. Compute the cost of goods transferred out and the cost of ending work in process 5. Prepare a cost reconciliation 6 Repeat Requirements 2-4 using the FIFO method 37/62Step by Step Solution
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