Acct344 Cost Accounting: Week 2 Homework (Kali Manufacturing and Glass Company [FIFO])
Acct344 Cost Accounting Week 2 Homework Problem 1: 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. 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. Problem 2: 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) 2,000 Started during current month 8,000 Completed and transferred to finished goods 5,500 In process, end of month (60% converted) 2,500 Manufacturing Costs Work in process, beginning Materials 15,000 Conversion 6,450 21,450 Production Costs Added - Materials 54,000 Direct labor cost 105,000 Factory overhead cost 42,840 Required Prepare a cost of production report for current month. Use FIFO process costing.
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