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Assad Company uses the process costing method with the following data for the month of July. Work-in-process, July 1 30,000 units: Direct material: 100% completed $65,500 Conversion: 30% complete

Assad Company uses the process costing method with the following data for the month of July.

Work-in-process, July 1, 30,000 units:

 

Direct material: 100% completed

$65,500

Conversion: 30% completed

51,910

Balance in work in process, July 1

$117,410

Units started during July

40,000

Units finished

50,000

Work in process, July 31, 20,000 units:

 

Direct material: 100% completed

 

Conversion: 60% completed

 

Cost incurred during July:

 

Direct materials

$120,000

Conversion costs

199,810

Total

$319,810

1. Calculate the equivalent units using the weighted-average method.

2. Compute cost per equivalent unit under FIFO method (2 points

3. Calculate the cost of units completed and transferred out using the FIFO method (4 points.

4. Calculate the cost of ending work in process using FIFI method.

Aug 09 2021 View more View Less

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