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How to use the weighted average cost flow

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Reference no: EM132608401

A company produces bottled sodas in its manufacturing plant. Direct materials are introduced intervals and conversion costs are applied consistently throughout the process. Data for the current period are as follows:

Beginning WIP inventory: 90,000 units (Completion 75% for materials and 40% for conversion cost
Units started in current period 130,000 units
Ending WIP inventory 114,000 units (Completion 90% for materials and 60% for conversion cost

Costs contained in beginning WIP inventory

Direct materials $589,200
Conversion cost $443,200

Costs added during current period

Direct materials $2,539,800
Conversion costs $3,044,800

Required

Question 1: How to use the weighted average cost flow assumption: determine the equivalent unit cost was in progress for direct material and conversion cost

Question 2: How to use the FIFO cost flow assumption: determine the equivalent unit cost in WIP for direct material

Reference no: EM132608401

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