Berry Packaging Inc. manufactures shipping containers of various sizes. The first department in the manufacturing process...

 

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Berry Packaging Inc. manufactures shipping containers of various sizes. The first department in the manufacturing process is the Molding Department. All materials are added at the beginning of the process. Information from the January production cost report for the Molding Department includes the following: Units in beginning WIP Units completed Units in ending WIP Cost of beginning WIP Costs incurred in January 220 (30% complete for conversion) 880 190 (80% complete for conversion) $4,620 ($2,840 for materials; $1,780 for conversion) $15,550 ($9,250 for materials; $6,300 for conversion) Cost per equivalent unit $17.40 ($10.88 for materials; $6.52 for conversion) Note: Use the costs per equivalent unit as given. Do not waste time recalculating the costs per equivalent unit because they are intentionally incorrect. Required 1. Assume the company uses the weighted average method of process costing. Compute the cost of completed units in the Molding Department for January. If necessary, round to the nearest dollar. 2. Assume the company uses the weighted average method of process costing. Compute the cost of ending WIP in the Molding Department for January. If necessary, round to the nearest dollar. 3. Assume the company uses the FIFO method of process costing. Compute the cost of completed units in the Molding Department for January. If necessary, round to the nearest dollar. 4. Assume the company uses the FIFO method of process costing. Compute the cost of ending WIP in the Molding Department for January. If necessary, round to the nearest dollar. Berry Packaging Inc. manufactures shipping containers of various sizes. The first department in the manufacturing process is the Molding Department. All materials are added at the beginning of the process. Information from the January production cost report for the Molding Department includes the following: Units in beginning WIP Units completed Units in ending WIP Cost of beginning WIP Costs incurred in January 220 (30% complete for conversion) 880 190 (80% complete for conversion) $4,620 ($2,840 for materials; $1,780 for conversion) $15,550 ($9,250 for materials; $6,300 for conversion) Cost per equivalent unit $17.40 ($10.88 for materials; $6.52 for conversion) Note: Use the costs per equivalent unit as given. Do not waste time recalculating the costs per equivalent unit because they are intentionally incorrect. Required 1. Assume the company uses the weighted average method of process costing. Compute the cost of completed units in the Molding Department for January. If necessary, round to the nearest dollar. 2. Assume the company uses the weighted average method of process costing. Compute the cost of ending WIP in the Molding Department for January. If necessary, round to the nearest dollar. 3. Assume the company uses the FIFO method of process costing. Compute the cost of completed units in the Molding Department for January. If necessary, round to the nearest dollar. 4. Assume the company uses the FIFO method of process costing. Compute the cost of ending WIP in the Molding Department for January. If necessary, round to the nearest dollar.

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Solution 1 Cost of goods transferred Conversion cost Particulars Material Tota... View the full answer