Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded 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-process Costs added in October Total costs Direct Conversion Materials Costs $8,700 $ 8,700 Required: 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. Required 1 Required 2 $ 3,125 6,000 $ 9,125 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. Complete this question by entering your answers in the tabs below. a. Equivalent units b. Equivalent unit costs c. Cost of goods completed and transferred out d. Cost of work-in-process Repeat requirement 1 using the FIFO method. (Round "Cost per equivalent unit" answers to 2 decimal places.) Direct Materials Conversion

Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 900 units into production and completed 1,000 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded 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:     Direct Materials Conversion Costs Beginning work-in-process   $ 3,712 Costs added in October $ 9,900 6,400 Total costs $ 9,900 $ 10,112   Required: 1. Calculate each of the following amounts using weighted-average process costing:a. Equivalent units of direct materials and…

At the start of June, the Polishing Department of Corona Counters, Inc. had 15,000 units in beginning inventory.  During the month, it received 25,000 units from the Machining Department. It started and completed 17,000 units and transferred 32,000 units to the Packaging Department. It had 8,000 units in ending Work-in-Process Inventory. Direct materials are added at the beginning of the process. Units in beginning Work-in-Process Inventory were 50% complete in respect to conversion costs. Units in ending Work-in-Process Inventory were 40% complete with respect to conversion costs. Prepare the production cost report for the Polishing Department for the equivalent units of production for the month of June. Use the FIFO method.

Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 900 units into production and completed 1,000 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded 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-process Costs added in October Total costs Direct Materials $ 8,200 $ 8,200 Required: 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.…