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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 (ie, conversion) costs are added uniformly throughout the process. Following is a summary of production costs incurred during October: Direct Conversion Materials Costs Beginning work-in-process $ 3,750 Costs added in October $ 8,300 5,300 Total costs $ 8,300 $ 9,050 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 2 decimal places.) C. Cost of goods completed and transferred out during the period. (Round intermediate calculations to 2 decimal places.) d. Cost of Work-in-Process Inventory at the end of the period. (Round intermediate calculations to 2 decimal places.) Show less a. Equivalent units Equivalent unit costs Cost of goods completed and transferred out Cost of work-in-process Direct Materials Conversion 1,100 1,040 $ 7.55 $ 8.70 S 6,795 % $ 1,510 3 b. c. d. Required Required 2 > SMITH ELECTRONIC COMPANY Chip-Mounting Production Department Weighted Average Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Step 2: Calculate Units Equivalent Units Physical Completion Direct Units Percentago Materials Conversion Input Beginning work-in-process inventory 900 Direct materials 100 % Conversion 70 % Started this period 200 X Total to account for 1.100 Output Completed 900 100 % 900 900 Ending work-in-process inventory 200 Completion percentage Direct materials % 200 Conversion 70% 140 Total accounted for 1,100 Total work done to date (Total equivalent units) 1,100 1,040 Unit Cost Determination Step 3: Determine Costs to Account for Total Direct Conversion Materials Costs Total Beginning work-in-process inventory Current costs Total costs to account for $ 0 0 $ 0 > > 100 Step 4: Compute Unit Costs Cost per equivalent unit Step 5: Assign Total Manufacturing Costs Cost Assignment Completed and Transferred Out Ending Work-in- Process Total Units completed and transferred out Ending work-in-process Materials Conversion Total costs accounted for 0 $ 0 ng your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Repeat requirement 1 using the FIFO method. (Round "Cost per equivalent unit" answers to 2 decimal places.) Direct Materials 200 X a. Conversion 140 b. Equivalent units Equivalent unit costs Cost of goods completed and transferred out Cost of work-in-process $ 7.55 5.96 C. $ d. 6.792 2.262 $
