Company X makes a product that goes through a single processingdepartment. Direct Materials are...

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Accounting

Company X makes a product that goes through a single processingdepartment. Direct Materials are added at the start of the process,while Conversion Costs are added evenly during the process. CompanyX uses the FIFO method of Process Costing.
During last month, Company X had 8,700 units in beginningWork-in-Process Inventory which were 100% complete for materialsand 25% complete for conversion. There were 34,500 units startedduring the period. After finishing the 8,700 units in beginningWork-in-Process Inventory, the company started and completed 23,300units. (That means the total units transferred to Finished Goodsfor the period was 8,700 + 23,300 = 32,000 units.) T Company had11,200 units in ending Work-in-Process Inventory which were 100%complete for materials and 70% complete for conversion.
The beginning Work-in-Process Inventory had a value of$101,093.25 (which was $69,630 of materials and $31,463.25 ofconversion). During the month, costs added were $803,610.75 (whichwas $293,250 of materials and $510,360.75 of conversion).
(a) Calculate the dollar cost of items transferred out ofWork-in-Process Inventory and into Finished Goods Inventory for themonth using the FIFO method of Process Costing.
(b) Calculate the dollar cost of items in Ending Inventory atthe end of the month using the FIFO method of Process Costing.
Now assume all of the above EXCEPT that Company X uses theWeighted Average method of Process Costing.
(c) Calculate the dollar cost of items transferred out ofWork-in-Process Inventory and into Finished Goods Inventory for themonth using the Weighted Average method of Process Costing.
(d) Calculate the dollar cost of items in Ending Inventory (atthe end of the month) using the Weighted Average method of ProcessCosting.

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All working forms part of the answer Requirement 1 USING FIFO Method EUP FIFO Method Units Material EUP Materials Conversion EUP Conversion Units of ENDING WIP 11200 100 11200 70 7840 Units STARTED COMPLETED 23300 100 23300 100 23300 Units of beginning WIP 8700 0 75 6525 Equivalent Units of Production 34500 37665 COST per EUP Material Conversion Cost incurred this period 29325000 51036075 Total Costs Costs 29325000 Costs 51036075 Equivalent units See Answer

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In: AccountingCompany X makes a product that goes through a single processingdepartment. Direct Materials are added...Company X makes a product that goes through a single processingdepartment. Direct Materials are added at the start of the process,while Conversion Costs are added evenly during the process. CompanyX uses the FIFO method of Process Costing.During last month, Company X had 8,700 units in beginningWork-in-Process Inventory which were 100% complete for materialsand 25% complete for conversion. There were 34,500 units startedduring the period. After finishing the 8,700 units in beginningWork-in-Process Inventory, the company started and completed 23,300units. (That means the total units transferred to Finished Goodsfor the period was 8,700 + 23,300 = 32,000 units.) T Company had11,200 units in ending Work-in-Process Inventory which were 100%complete for materials and 70% complete for conversion.The beginning Work-in-Process Inventory had a value of$101,093.25 (which was $69,630 of materials and $31,463.25 ofconversion). During the month, costs added were $803,610.75 (whichwas $293,250 of materials and $510,360.75 of conversion).(a) Calculate the dollar cost of items transferred out ofWork-in-Process Inventory and into Finished Goods Inventory for themonth using the FIFO method of Process Costing.(b) Calculate the dollar cost of items in Ending Inventory atthe end of the month using the FIFO method of Process Costing.Now assume all of the above EXCEPT that Company X uses theWeighted Average method of Process Costing.(c) Calculate the dollar cost of items transferred out ofWork-in-Process Inventory and into Finished Goods Inventory for themonth using the Weighted Average method of Process Costing.(d) Calculate the dollar cost of items in Ending Inventory (atthe end of the month) using the Weighted Average method of ProcessCosting.