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D F G H L 1 B C E 1 K Chapter 8 Homework Everglades Furniture uses a process cost system to account for its chair factory. The chart above provides information about units processed and their related costs. Everglades uses weighted average costing. Required: Complete the Production Cost Report for both weighted average and FIFO ( HINT: use + decimal places in your calculations or don't round at all) 2 3 4 5 6 7 Amounts $ 124,800 $ 104,500 Units Beginning inventory 5,000 (100% complete as to material, 55% complete for labor Started 58,000 Materials Conversion 8 9 10 $ 1537,000 $ 2124,375 Materials Conversion 11 12 6,000 Ending inventory (100% complete as to material, 40% complete for labor 13 14 15 Production Cost Report - Veighted Average 16 Equivalent Units 17 Total Materials Conversion 18 Units to be accounted Beginning WIP Units started Units accounted for: Transferred out 19 20 21 22 23 24 25 26 27 28 29 Ending WIP Costs to be accounted for: Beginning WIP Current period 30 Divide by equivalent unit Cost per equiv unit 31 32 33 34 35 36 37 38 39 Costs accounted for: Transferred out: Materials Conversion Ending WIP: Materials Conversion 40 41 42 43 44 45 WA FIFO Ready o Type here to search