Question: I need help with the FIFO method for assigning costs with these numbers. Please help! 17-24 (25 min.) Weighted-average method, assigning costs Tomlinson Corporation is
17-24 (25 min.) Weighted-average method, assigning costs Tomlinson Corporation is a biotech company based in Milpitas. It makes a cancer-treatment drug in a single processing department. Direct materials are added at the start of the process.Conversion costs are added evenly during the process. Tomlinson uses the weighted-average method of process costing. The following information for July 2014 is available. Equivalent Units Physical Units Direct Materials 8,700 Conversion Costs 2,175 Work in process, July Started during July Completed and transferred out during July Work in process, July 31 -8,700" 34,500 32,000 11,200b 32,000 11,200 32,000 7,840 "Degree of completion: direct materials, 100%; conversion costs, 25%. bDegree of completion: direct materials, 100%; conversion costs, 70%. Total Costs for July 2014 Work in process, beginning Direct materials $61,500 Conversion costs Direct materials added during July Conversion costs added during July Total costs to account for 43,200 $104,700 301,380 498,624 $904,704 Required: 1. Calculate the cost per equivalent unit for direct materials and conversion costs. 2. Summarize the total costs to account for, and assign them to units completed (and out) and to units in ending work in process. marize the toal coss to account for, and asign them to units completed (and tansferred
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