ACCT 344 Week 2 Homework
ACCT 344 Week 2 Homework
1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process          20,000  20% completeTransferred to finished goods    60,000
Ending inventory              10,000  70% complete
Materials added at the beginning of the process
Required: Calculate the equivalent units for
a. material costs under the weighted average process cost method;
b. conversion costs under the weighted average process cost method;
c. material costs under the FIFO process cost method; and
d. conversion costs under the FIFO process cost method.
2. Questions: Glass Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data for the company for the current month are as follows…………………………Required Prepare a cost of production report for current month. Use Weighted Average process costing.
PRODUCT DESCRIPTION
ACCT 344 Week 2 Homework,
Calculate the equivalent units for
a. material costs under the weighted average process cost method;
b. conversion costs under the weighted average process cost method;
c. material costs under the FIFO process cost method; and
d. conversion costs under the FIFO process cost method.



A. Equivalent Units for Materials = (60,000 + 10,000) * 1 = 70,000 (Total Materials Added at Beginning of Process) B. Equivalent Units for Labor = 60,000 + (10,000 * .70) = 67,000 C. Equivalent Materials = (20,000 * 0.00) + (40,000 + 10,000 * 1) = 50,000 D. Equivalent Units for Conversion = (20,000 * .8) + (40,000 + 10,000 * 70) = 63,000
Summary of units in process
  Beginning2,000
  Units started8,000
  In process10,000
  Completed-5,500
  Ending4,500
Equivalent units in processMaterialsConversion
  Units completed5,5005,500
  Add: Equivalent units in ending inventory4,5002,700
  Equivalent units of Production10,0008,200
Total costs to be accounted forMaterialsConversionTotal
  Beginning WIP $15,000 $6,450$21,450
  Current costs$54,000$141,150$195,150
  Total costs in process $69,000 $147,600$223,290
  Costs per equivalent unit$ 6.90$ 18.00$24.90

Points Received:10 of 10
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