Self-Study Problem 6-1 Weighted-Average Method versus FIFO Method 8 points 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 (i.e., conversion) costs are added uniformly throughout the process. eBook Following is a summary of production costs incurred during October: Direct Materials Conversion Costs $ 3,125 Hint Beginning work-in-process Costs added in October Total costs 6,000 $8,700 $8,700 $ 9,125 References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Repeat requirement 1 using the FIFO method. (Round your answers to the nearest whole dollar amount. Round "Cost per equivalent unit" to 2 decimal places.) SMITH ELECTRONIC COMPANY Chip-Mounting Production Department FIFO Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Units Step 2: Calculate Equivalent Units Conversion Costs Physical Units Direct Materials Input 2 SMITH ELECTRONIC COMPANY Chip-Mounting Production Department FIFO Production Cost Report Production Quantity Information 8 points Step 1: Analyze Flow of Physical Units Step 2: Calculate Equivalent Units Conversion Physical Units Direct Materials Costs eBook Hint References Input Beginning work-in-process inventory Completion percentage Direct materials Conversion Started this period Total units to account for 0 Output Completed Ending work-in-process inventory Completion percentage Direct materials Conversion Total units accounted for 0 Total work performed to date Beginning work-in-process inventory Total work performed this period (FIFO equivalent units) Unit Cost Determination Step 3: Determine Total Costs to Account for Flow Direct Materials 0 0 0 Conversion Costs Total Beginning work-in-process inventory Current cost (costs added during this period) Total costs to account for Step 4: Compute Unit Costs Cost per equivalent unit $ 0 s 0 Cost Assignment Completed and Transferred Out Ending Work- in-Process Total Step 5: Assign Total Manufacturing Costs Units completed and transferred out Beginning work-in-process Current cost to complete Materials Conversion Total from beginning work-in-process Units started and finished Total cost completed and transferred out Ending work-in-process Materials $ 0 s Conversion Total costs accounted for $ 0 $ 0 o Type here to search O g o 3