this is all the info that I am given, im not sure if FIFO/LIFO is necessary for

Question

this is all the info that I am given, im not sure if FIFO/LIFO is necessary for this but weighted average is

Exercise 3-10 Overton Company has gathered the following information Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: 21,580 195,220 24,850 Conversion costs 60% Materials 100 % Costs incurred Direct materials Direct labor Overhead $108,400 $414,114 $185,780 Compute equivalent units of production for materials and for conversion costs Materials Conversion Costs The equivalent units of production LINK TO TEXT Determine the unit costs of production. (Round unit costs to 2 decimal place: Materials Conversion Costs Unit costs LINK TO TEXT LINK TO TEXT Show the assignment of costs to units transferred out and in process. (Round a Transferred out Ending work in process

Explanation / Answer

Whole units Equivalent units Material Conversion Beginning Inventory 21580 21580 21580 Units Started and completed 170370 170370 170370 Closing Inventory 24850 24850 14910 Equivalent units of production 216800 216800 206860 Calculation of cost per equivalent units Material Conversion Costs incurred 108400 599894 Units of equivalent production 216800 206860 Unit costs 0.50 2.90 Transferred Out 652630 (21580+170370)*(0.5+2.9) Ending Work in process 55664 (24850*.5)+(24850*2.9*.6)

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