The Metal Works Company manufactures a product that goes through two departments prior to completion. The following information is available on work in one of these departments, the Forming Department, during March:percentage completed                                                        units             materials            conversionWork in process, March 1             70,000                  5/7                       3/7started in production                  460,000completed & transferred out      450,000work in process, march 31            80,000                  7/8                      5/8Cost in the beginning work-in-process inventory and cost added during the month were as follows:                                                 Materials                                   Conversionwork in process March 1            42,190                                       38,000cost added during march           440,810                                    394,000The Forming Department is the first department in the production process; after forming has been completed, the units are transferred to the Finishing Department.Required:a) Assuming the company uses the weighted-average method, calculate the equivalent units and unit cost for materials and conversion costs, rounded to the nearest tenth of a cent. Show your work. b)  Assuming the company uses the FIFO method, calculate the equivalent units and unit cost for materials and conversion costs, rounded to the nearest tenth of a cent. Show you work.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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The Metal Works Company manufactures a product that goes through two departments prior to completion. The following information is available on work in one of these departments, the Forming Department, during March:
percentage completed
                                                        units             materials            conversion
Work in process, March 1             70,000                  5/7                       3/7
started in production                  460,000
completed & transferred out      450,000
work in process, march 31            80,000                  7/8                      5/8

Cost in the beginning work-in-process inventory and cost added during the month were as follows:
                                                 Materials                                   Conversion
work in process March 1            42,190                                       38,000
cost added during march           440,810                                    394,000

The Forming Department is the first department in the production process; after forming has been completed, the units are transferred to the Finishing Department.
Required:
a) Assuming the company uses the weighted-average method, calculate the equivalent units and unit cost for materials and conversion costs, rounded to the nearest tenth of a cent. Show your work.
b)  Assuming the company uses the FIFO method, calculate the equivalent units and unit cost for materials and conversion costs, rounded to the nearest tenth of a cent. Show you work.

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