The Wildhorse Paint Co. uses a process costing system. You have been given the following selected information for July 2022:

		Units		Percent Complete
Beginning work in process inventory		6,660		70%
Units started		26,640
Ending work in process inventory		11,100		60%

The total cost of the beginning work in process inventory was $41,070, of which $7,770 was for direct labour costs. Overhead is applied on the basis of direct labour costs. During July, the company added $77,030 of direct materials, $56,060 of direct labour, and $72,878 of overhead to work in process inventory. All direct materials are added at the beginning of the process, and the conversion costs are incurred uniformly throughout the process.

Calculate the overhead rate.

Overhead rate

enter the overhead rate in percentages %

Calculate the direct materials, the direct labour, and the overhead cost components of the beginning work in process.

	Direct Materials	Direct Labour	Overhead
Components of beginning work in process inventory	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount

Calculate the number of equivalent units of production that would be used to establish the weighted-average costs for direct materials, direct labour, and overhead.

	Direct Materials	Conversion
Equivalent units of Production	enter a number of units	enter a number of units

Calculate the number of equivalent units of production that would be used to establish the FIFO costs for direct materials, direct labour, and overhead.

	Direct Materials	Conversion
Equivalent units of production	$enter a dollar amount	$enter a dollar amount

Assuming weighted-average is used, calculate the cost of goods completed and transferred out. (Round unit cost to 4 decimal places, e.g. 1.5259 and final answer to 0 decimal places, e.g. 125.)

Cost of goods completed and transferred out

$enter the cost of goods completed and transferred out in dollars

Assuming FIFO is used, calculate the cost of ending work in process inventory for direct materials, direct labour, and overhead. Show each component separately. (Round unit cost to 4 decimal places, e.g. 1.5259 and final answers to 0 decimal places, e.g. 125.)

	Direct Materials	Direct Labour	Overhead
Cost of ending work in process inventory	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount