Anika Manufacturing makes toys and uses the average process costing system. On May 1, 2017, the company
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Question:
Anika Manufacturing makes toys and uses the average process costing system. On May 1, 2017, the company had 400 units in process that were 70% complete as to materials and 85% complete as to conversion. During the month, 3,800 additional units were started. On May 31, 300 units were still in process (40% complete as to materials and 60% complete as to conversion). Cost information for May 2017 is as follows:
Beginning WIP Inventory
Direct materials P 4,349
Conversion 4,658
Current period costs
Direct materials 60,775
Conversion 46,750
- Calculate the EUP for each cost component using the average method.
- Calculate cost per EUP for each cost component using the average method.
- Calculate the EUP for each cost component using the FIFO method.
- Calculate cost per EUP for each cost component using the FIFO method.
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