Question
The following data for the month of August 2020 of XYZ Corp. Dep 1 Dep 2 Beginning units in process 35,000.00 80,000.00 Units started in
The following data for the month of August 2020 of XYZ Corp.
Dep 1 Dep 2 Beginning units in process 35,000.00 80,000.00 Units started in process 550,000.00 ? Units received from preceding dept. 421,200.00 Units added to production 62,000.00 563,200.00 Units completed and transferred 421,200.00 428,030.00 Ending units in process 163,800.00 135,170.00
All beginning units in process for both departments are 100% complete for direct materials. Beginning units in process are 60% complete as to conversion costs in department 1 and 60% incomplete as to conversion cost in department 2. All ending units in process are 100% complete as to direct materials as well as 50% complete as to conversion costs in both departments. For department 2 what is the difference in equivalent production conversion cost basis between using the weighted average and FIFO costing method?
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