Problem 2: Overton Company has gathered the following information: Units Materials Conversion 18000 100% 50% Beginning WIP 214000 Units Started 190000 Units Completed and transferred out 42000 70% 65% Materials Conversion $16,370 $17,490 $ 214,000 $265,000 2 Ending WIP 3 4 Costs: 5 WIP 6 Costs Added during period 17 18 Requirements: 19 1. Complete the following using Weighted Average Method of Process Costing 20 a. Compute Equivalent Units 21 b. Compute Cost per Equivalent Unit 22 c. Determine costs of Ending WIP and Units Transferred 23 d. Prepare reconciliation 24 25 2. Complete the following using FIFO Method of Process Costing: 26 a. Compute Equivalent Units 27 b. Compute Cost per Equivalent Unit 28 c. Determine costs of Ending WIP and Units Transferred 29 d. Prepare reconciliation 30