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 al direct materials when the production process is 50% complete. Direct labor and factory overhead (le conversion) costs are added uniformly throughout the process Following is a summary of production costs incurred during October Direct Conversion Materials Costs Beginning work-in-process $3,750 Costs added in October 53,300 5.300 Total costs 53,300 $9,050 Required: 1 Calculate each of the following amounts using weighted-average process costing a. Equivalent units of direct materials and conversion b. Equivalent unit costs of direct materials and conversion Cost of goods completed and transferred out during the period d. Cost of Work In Process Inventory at the end of the period. 2. Prepare a production cost report for October using the weighted average method 3. Repeat requirement 1 using the FIFO method 4 Repeat requirement 2 using the FIFO method Complete this question by entering your answers in the tabs below. Required: Required 2 Required a Required 4 Repeat requirement 2 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 Mounung Production Department FUO Production cost Report Production Quantity information Step 1 Anale Twf Physical Step 2 Calcutate Equivalent Lins conversion Physical Units De MANTIN Repeat requirement 2 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 Beginning work-in-process inventory Completion percentage Direct materials, 0% Conversion 50% Started this period Total units to account for 0 Output Completed Ending work-in-process inventory Completion percentage Direct materials, 100% Conversion, 70% 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 Beginning work-in-process inventory Camrent.net 0 0 Conversion Costs Total 0 0 Conversion, 70% 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 0 0 Conversion Costs Total S 0 S 0 Ending Work- in Process Total Direct Materials Step 3: Determine Total Costs to Account for Flow Beginning work-in-process inventory Current cost 0 Total costs to account for Step 4: Compute Unit Costs Cost per equivalent unit Cost Assignment Completed and Step 5: Assign Total Manufacturing Costs Transferred Out Units completed and transferred out Beginning work-inprocess Current cost to complete Materials Conversion Total from beginning work-in-process S 0 Units started and finished Total cost completed and transferred out Ending work-in-process Materials Conversion Total costs accounted for S 0 $ 0
