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Smith Electronic Company's chip - mounting production department had 3 0 0 units of unfinished product, each 5 0 % completed on September 3 0
Smith Electronic Company's chipmounting production department had units of unfinished product, each completed on
September During October of the same year, this department put another units into production and completed units and
transferred them to the next production department. At the end of October, units of unfinished product, completed, were
recorded in the ending WorkinProcess Inventory. Smith Electronic introduces all direct materials when the production process is
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:
Required:
Calculate each of the following amounts using weightedaverage 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 WorkinProcess Inventory at the end of the period.
Prepare a production cost report for October using the weightedaverage method.
Repeat requirement using the FIFO method.
Repeat requirement using the FIFO method.
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