Item4 42.85 points eBookHintAskReferencesCheck my workCheck My Work button is now enabledItem 4 Smith Electronic Companys chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process. Following is a summary of production costs incurred during October: Direct Materials Conversion Costs Beginning work-in-process $ 2,704 Costs added in October $ 8,700 5,000 Total costs $ 8,700 $ 7,704 Required: 1. Calculate each of the following amounts using weighted-average process costing: a. Equivalent units of direct materials and conversion. b.

Equivalent unit costs of direct materials and conversion. c. Cost of goods completed and transferred out during the period. d. Cost of Work-in-Process Inventory at the end of the period. 2. Prepare a production cost report for October using the weighted-average method. 3. Repeat requirement 1 using the FIFO method. 4. Repeat requirement 2 using the FIFO method

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Required 3
• Required 4

Prepare a production cost report for October using the weighted-average method. (Round your answers to the nearest whole dollar amount. Round "Cost per equivalent unit" to 2 decimal places.)

SMITH ELECTRONIC COMPANY
Chip-Mounting Production Department Weighted-Average Production Cost Report
Production Quantity Information
	Step 1: Analyze Flow of Physical Units			Step 2: Calculate Equivalent Units
	Physical Units	Completion Percentage		Direct Materials	Conversion
Input
Beginning work-in-process inventory
Direct materials			%
Conversion			%
Started this period
Total to account for
Output
Completed			%
Ending work-in-process inventory
Completion percentage
Direct materials			%
Conversion			%
Total accounted for
Total work done to date (Total equivalent units)
Unit Cost Determination
Step 3: Determine Costs to Account for		Total Direct Materials		Conversion Costs	Total
Beginning work-in-process inventory
Current costs
Total costs to account for
Step 4: Compute Unit Costs
Cost per equivalent unit
Cost Assignment
Step 5: Assign Total Manufacturing Costs		Completed and Transferred Out		Ending Work-in-Process	Total
Units completed and transferred out
Ending work-in-process
Materials
Conversion
Total costs accounted for