Self-Study Problem 6-1 Weighted-Average Method 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 900 units into production and completed 1,000 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-inProcess Inventory. Smith Electronic introduces all direct materials when the production process is 60% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process. Following is a summary of production costs incurred during October: Complete this question by entering your answers in the tabs below. Repeat requirement 1 using the FIFO method. (Round your answers to the nearest whole dollar amount. Round " C equivalent unit" to 2 decimal places.) SMITH ELECTRONIC COMPANY Chip-Mounting Production Department FIFO Production Cost Report Production Quantity Information \begin{tabular}{|l|l|l|l|} \hline Iotal costs to account tor & & & \\ \hline Step 4: Compute Unit Costs & & & \\ \hline Cost per equivalent unit & Cost Assignment & \\ \hline Step 5: Assign Total Manufacturing Costs & CompletedandTransferredOut & EndingWork-in-Process & Total \\ \hline Units completed and transferred out & & & \\ \hline Beginning work-in-process & & & \\ \hline Current cost to complete & & & \\ \hline Materials & & & \\ \hline Conversion & & & \\ \hline Total from beginning work-in-process & & & \\ \hline Units started and finished & & & \\ \hline Total cost completed and transferred out & & & \\ \hline Ending work-in-process & & & \\ \hline Materials & & & \\ \hline Conversion & & & \\ \hline Tftal costs accounted for & & & \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Summarize your answers from Requirement 3 using the FIFO method. (Round "Cost per equivalent unit" answers places.) Self-Study Problem 6-1 Weighted-Average Method 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 900 units into production and completed 1,000 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-inProcess Inventory. Smith Electronic introduces all direct materials when the production process is 60% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process. Following is a summary of production costs incurred during October: Complete this question by entering your answers in the tabs below. Repeat requirement 1 using the FIFO method. (Round your answers to the nearest whole dollar amount. Round " C equivalent unit" to 2 decimal places.) SMITH ELECTRONIC COMPANY Chip-Mounting Production Department FIFO Production Cost Report Production Quantity Information \begin{tabular}{|l|l|l|l|} \hline Iotal costs to account tor & & & \\ \hline Step 4: Compute Unit Costs & & & \\ \hline Cost per equivalent unit & Cost Assignment & \\ \hline Step 5: Assign Total Manufacturing Costs & CompletedandTransferredOut & EndingWork-in-Process & Total \\ \hline Units completed and transferred out & & & \\ \hline Beginning work-in-process & & & \\ \hline Current cost to complete & & & \\ \hline Materials & & & \\ \hline Conversion & & & \\ \hline Total from beginning work-in-process & & & \\ \hline Units started and finished & & & \\ \hline Total cost completed and transferred out & & & \\ \hline Ending work-in-process & & & \\ \hline Materials & & & \\ \hline Conversion & & & \\ \hline Tftal costs accounted for & & & \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Summarize your answers from Requirement 3 using the FIFO method. (Round "Cost per equivalent unit" answers places.)
