Self-Study Problem 6-1 Weighted-Average Method versus FIFO 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 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 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: Beginning work-in-process Costs added in October Total costs Direct Materials $8,700 $8,700 Conversion Costs $ 3,125 6,000 $ 9,125 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a production cost report for October using the weighted-average method. (Round your answers to the nearest whole dolla amount. Round "Cost per equivalent unit" to 2 decimal places.) Input SMITH ELECTRONIC COMPANY Chip-Mounting Production Department Weighted-Average Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Step 2: Calculate Equivalent Beginning work-in-process inventory Direct materials Conversion Started this period Total to account for Output Completed Ending work-in-process inventory Completion percentage Direct materials Conversion Total accounted for Units Physical Units Completion Percentage Direct Materials % % % % % 0 Total work done to date (Total equivalent units) Step 3: Determine Costs to Account for Beginning work-in-process inventory Current costs (costs added during this period) Total costs to account for Unit Cost Determination Step 4: Compute Unit Costs Cost per equivalent unit Units Conversion Total Direct Materials Conversion Costs Total $ 0 $ 0 $ 0 Cost Assignment Step 5: Assign Total Manufacturing Costs 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 $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 1. Summarize your answers from Requirement 1 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 two decimal places.) c. Cost of goods completed and transferred out during the period. (Round intermediate calculations to two decimal places.) d. Cost of Work-in-Process Inventory at the end of the period. (Round intermediate calculations to two decimal places.) Show less a. Equivalent units b. Equivalent unit costs C. Cost of goods completed and transferred out d. Cost of ending work-in-process Direct Materials Conversion Chip-Mounting Production Department FIFO Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Units Step 2: Calculate Equivalent Units Input Beginning work-in-process inventory Completion percentage Direct materials Conversion Started this period Total units to account for Output Completed Ending work-in-process inventory Completion percentage Direct materials Conversion Total units accounted for Total work performed to date Beginning work-in-process inventory Total work performed this period (FIFO equivalent units) Physical Units Direct Materials Conversion Costs 0 0 0 Unit Cost Determination Step 3: Determine Total Costs to Account for Flow Direct Materials 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 $ 0 $ 0 $ 0 Cost Assignment Completed and Step 5: Assign Total Manufacturing Costs Transferred Out Ending Work- in-Process Total 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 Conversion Total costs accounted for $ 0 $ 0 $ 0 $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Summarize your answers from Requirement 3 using the FIFO method. (Round "Cost per equivalent unit" answers to 2 decimal places.) a. Equivalent units b. Equivalent unit costs c. Cost of goods completed and transferred out d. Cost of ending work-in-process Direct Materials Conversion