Each question of this assignment should be prepared as a separate sheet in one Excel file. Please change the sheet names at the bottom of the page to the question number. Then, follow the directions for each question below. Be sure to show your calculations and label your work for full credit.

Question 1

Envelope Company began operations this month mass-producing pull-and-seal envelopes. During the month of July, it completed 35,000 units and has 10,000 units that are 50% complete. It had product costs for the month of $200,000.

1. Calculate the equivalent units.
2. Assign costs to the various inventories.

Question 2

Pharma Company produces various medicines in capsule form. At the beginning of the month of February, it had 8,000 units that were 50% complete. These were assigned costs of $80,000. During the month, it completed 50,000 units and has 15,000 units that are 60% completed. It had production costs during the month of $850,000.

1. Complete all five steps of a production report using the weighted average method.
2. Complete all five steps of a production report using the FIFO method.