ACCT 344 Week 2 Homework Questions Chapter 6

Kali Manufacturing Inc began the year with the following: Units Beginning Work-in-process 20,000 20% complete Transferred 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. Materials costs under the weighted average process cost method. b. Conversion costs under the weighted average process cost method. c. Materials costs under the FIFO process cost method. d. Conversion costs under the FIFO process cost method. 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: Production data: units In process, beginning of month (20% converted) 2000 Started during current month 8000 Completed and transferred to finished goods 5500 In process, end of month (60% converted) 4500 Manufacturing costs: Work in process, beginning $21,450 Materials $54,000 Direct labor cost $105,000 Factory overhead cost $36,180 Required: Prepare a cost of production report for current month. Use FIFO process costing.