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Surf Products Company uses an automated process to clean and polish its souvenir items. Materials are added at the beginning of the process and conversion
Surf Products Company uses an automated process to clean and polish its souvenir items. Materials are added at the beginning of the process and conversion costs are uniformly incurred. At the beginning of September, work in process of Cleaning Department is 40% complete and at the end of the month it is 60% complete. Other data of Cleaning Department for the month include: Beginning work in process Started during September Completed during September Ending work in process Total costs added during September Physical Units 1,600 units 2,000 units 3,200 units ? Direct Materials $154,000 $260,000 Conversion Costs $82,080 4 $200,000 Required: (Show your work.) Calculate the costs allocated to the completed units and the ending work-in-process with supporting schedules using the weighted-average method of process costing. (50 points) ** Extra Credit Problem (20 extra points) Calculate the costs allocated to the completed units and the ending work-in-process with supporting schedules using the first-in-first-out (FIFO) method of process costing.
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