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The beginning work-in-process inventory was 70% complete as to materials and 70% complete as to processing labour and overhead. The ending work-in-process inventory was 80%
The beginning work-in-process inventory was 70% complete as to materials and 70% complete as to processing labour and overhead. The ending work-in-process inventory was 80% complete as to materials and 50% complete as to processing labour and overhead. The company combines labour and overhead to form the conversion cost category. Required: 1. Assume that the company uses the weighted average cost method of accounting for units and costs. Prepare a quantity schedule and a computation of equivalent units for the month. 2. Determine the costs per equivalent unit for the month. (Round intermediate calculations and final answer to 3 decimal places.) 3. Repeat the requirements of parts (1) and (2) using the FIFO method. (Round "Costs per equivalent" to 2 decimal places.) Costs per equivalent unit
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