Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed onSeptember 30. During October of the same year, this department put another 800 units into production and completed 900 units andtransferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, wererecorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50%complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process.Following is a summary of production costs incurred during October:Beginning work-in-processCosts added in OctoberTotal costsDirectMaterialsRequired 1 Required 2$8,700$8,700ConversionCostsRequired:1. Calculate each of the following amounts using weighted-average process costing:a. Equivalent units of direct materials and conversion.b. Equivalent unit costs of direct materials and conversion.c. Cost of goods completed and transferred out during the period.d. Cost of Work-in-Process Inventory at the end of the period.2. Repeat requirement 1 using the FIFO method.a. Equivalent unitsb. Equivalent unit costsc. Cost of goods completed and transferred outd. Cost of work-in-process$ 3,1256,000$9,125mplete this question by entering your answers in the tabs below.Repeat requirement 1 using the FIFO method. (Round "Cost per equivalent unit" answers to 2 decimal places.)DirectMaterialsConversion

Name: Smith Electronic Company's chip-mounting production department had 30
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed onSeptember 30. During October of the same year, this department put another 800 units into production and completed 900 units and