Process Costing Study Problems 1. During the year, the Ace Company completed 10,000 widgets. The inventory of widgets in process at January 1st totaled 4,000; they were 75% complete as to materials and 50% complete as to labor and overhead. The company began work on 8,000 new widgets in January; at the end of the year, the widgets on hand were 80% complete as to materials; 50% complete as to labor and 40% complete as to overhead. Calculate the equivalent units of production for widgets as to materials, labor and overhead for both the FIFO and Weighted-Average methods. 2. During April, the Breaker Manufacturing Company incurred the following costs: Direct materials Direct labor. Manufacturing overhead Production for April was as follows: Beginning work-in-process. Units completed Ending work-in-process f Direct materials Direct labor.... Manufacturing overhead Compute the following using the FIFO method: a. equivalent units b. current period unit cost c. previous period unit cost d. finished and transferred unit cost total amount of ending work-in-process units started $240,000 350,900 290,900 0 units 4,000 units 2,000 units 100% complete 60% complete 40% complete

compute the following using FIFO method:

a. equivalent unit

b. current period unit cost

c.previous period unit cost

d.finished and transferred unit cost

e. total amount of ending work-in-progress

f. unit started

1. During the year, the Ace Company completed 10,000 widgets. The inventory of widgets in process at January it totaled 4,000 they were 75% complete as to materials and 50% complete as to labor and overhead. The company began work on 8,000 new widgets in January; at the end of the year, the widgets on hand were 80% complete as to materials: 50% complete as to labor and 40% complete as to overhead. Calculate the equivalent units of production for widgets as to materials, labor and overhead for both the FIFO and Weighted Ayerage methods. 2. During April, the Breaker Manufacturing Company incurred the following costs: Production for April was as follows: Compute the following using the FIFO method: a. equivalent units b. current period unit cost c. previous period unit cost d. finished and transferred unit cost c. total amount of ending work-in-process f. units started