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The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for May 2020: a Degree of
The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for May 2020: a Degree of completion: direct materials, 80%; conversion costs, 35%. b Degree of completion: direct materials, 80%; conversion costs, 40%. For the data in Question 10, complete the following: a. calculate cost per equivalent unit for direct materials and conversion costs b. assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. In other words, calculate the costs of completed and transferred out and the costs of units in ending work-in-process inventory Refer to the information in Question 10. Suppose the assembly division at Quality Time Pieces, Inc. uses the FIFO method of process costing instead of the weighted-average method. Compute equivalent units for direct materials and conversion costs. For the data in Question 10, use the FIFO method to a. calculate cost per equivalent unit for direct materials and conversion costs b. assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. In other words, calculate the costs of completed and transferred out and the costs of units in ending work-in-process inventory
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