Chapter 4 - Process Costing

SHOE LTD's lacing department has the following production and manufacturing cost data for July.

- Materials are entered at the beginning of the process

- Beginning inventory is 2,500 units that are 100% complete in terms of material and complete in terms of conversion costs

- Units started during the period are 12,000

- Ending inventory of 3,000 units are 10% complete in terms of conversion cost

Additional information (in regard to costs)

- Beginning inventory costs; 25,000$ of material and 28,080$ of conversion

- Materials added in lacing during the month is 120,725$

- Conversion costs are 400,260$

Required

A) find the physical, equivalent units, and cost per equivalent units using the weight average method

B) find the physical, equivalent units, and cost per equivalent units using the FIFO