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Weighty Steel processes a single type of steel. For the current period, the following information is given: Conversion Units Material Costs Costs Beginning Inventory
Weighty Steel processes a single type of steel. For the current period, the following information is given: Conversion Units Material Costs Costs Beginning Inventory 3,000 $ 4,500 $ 5,400 Started During the Current Period 20,000 $32,000 $78,200 Ending Inventory 2,500 All materials are added at the beginning of the production process. The beginning inventory was 40% complete as to conversion, while the ending inventory was 30% completed for conversion purposes. A. How many units were completed and transferred out during the period? B. How many units were started and completed during the period? Answer the following using the weighted average method: C. What are the equivalent units for materials and conversion costs for the period? D. What is the cost per equivalent unit for materials and conversion cost for the period? (Round to the nearest penny) E. What is the cost of goods manufactured during the period? F. What is the cost of ending work in process at the end of the period? Answer the following using the FIFO method: G. What are the equivalent units for materials and conversion costs for the period? H. What is the cost per equivalent unit for materials and conversion cost for the period? (Round to the nearest penny) I. What is the cost of goods manufactured during the period? J. What is the cost of ending work in process at the end of the period?
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