Smith Electronic Companys 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-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.

Following is a summary of production costs incurred during October:

	Direct Materials	Conversion Costs
Beginning work-in-process		$ 3,712
Costs added in October	$ 9,900	6,400
Total costs	$ 9,900	$ 10,112

Required:

1. Calculate each of the following amounts using FIFO method

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.

Repeat requirement 1 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 work-in-process Direct Materials Conversion 990 14 $ 3,456.00 10,088.40 S 16,944 S 2,5131 equivalent unit to z 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 300 300 150 900 1.200 700 700 700 Input Beginning work-in-process inventory Completion percentage Direct materials, 0% Conversion, 50% Started this period Total units to account for Output Completed Ending work-in-process inventory Completion percentage Direct materials, 100% Conversion, 7096 Total units accounted for Total work performed to date Beginning work-in-process inventory Total work performed this period (FIFO equivalent units) Unit Cost Determination 700 700 700 700 700 Step 3: Determine Total Costs to Account for Flow Direct Materials Conversion Costs Total Beginning work-in-process inventory Current cost Total costs to account for Step 4: Compute Unit Costs Cost per equivalent unit S 0 $ 0 $ 0 Cost Assignment Completed and Transferred Out Step 5: Assign Total Manufacturing Costs 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 S 0 $ 0 Total costs accounted for $ 0 $ 0