ACCT 344 WEEK 2 HOMEWORK

ACCT 344 WEEK 2 HOMEWORK

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 http://www.homeworkproviders.com/shop/acct-344-week-2-homework/

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
Comments:

ACCT 344 WEEK 2 HOMEWORK