ACCT 344 WEEK 2 HOMEWORK

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Description:
ACCT 344 Week 2 Homework,
Calculate the equivalent units for
a. material costs under the weighted average process cost method;
b. conversion costs under the weighted average process cost method;
c. material costs under the FIFO process cost method; and
d. conversion costs under the FIFO process cost method.
A. Equivalent Units for Materials = (60,000 + 10,000) * 1 = 70,000 (Total Materials Added at Beginning
of Process) B. Equivalent Units for Labor = 60,000 + (10,000 * .70) = 67,000 C. Equivalent Materials =
(20,000 * 0.00) + (40,000 + 10,000 * 1) = 50,000 D. Equivalent Units for Conversion = (20,000 * .8) +
(40,000 + 10,000 * 70) = 63,000
Summary of units in process
Beginning 2,000
Units started 8,000
In process 10,000
Completed -5,500
Ending 4,500
Equivalent units in process Materials Conversion
Units completed 5,500 5,500
Add: Equivalent units in ending inventory 4,500 2,700
Equivalent units of Production 10,000 8,200
Total costs to be accounted for Materials Conversion Total
Beginning WIP $15,000 $6,450 $21,450
Current costs $54,000 $141,150 $195,150
Total costs in process $69,000 $147,600 $223,290
Costs per equivalent unit $ 6.90 $ 18.00 $24.90
Points Received: 10 of 10
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