Question: Problem 2: Overton Company has gathered the following information: Conversion 50% Beginning WIP Units Started Units Completed and transferred out Ending WIP Costs: WIP Costs

Problem 2: Overton Company has gathered the following information: Conversion 50%

Beginning WIP Units Started Units Completed and transferred out Ending WIP Costs:

Problem 2: Overton Company has gathered the following information: Conversion 50% Beginning WIP Units Started Units Completed and transferred out Ending WIP Costs: WIP Costs Added during period Units Materials 18000 100% 214000 190000 42000 70% Materials Conversion $16,370 $17,490 $214,000 $265,000 65% Requirements: 1. Complete the following using Weighted Average Method of Process Costing: a. Compute Equivalent Units b. Compute Cost per Equivalent Unit c. Determine costs of Ending WIP and Units Transferred d. Prepare reconciliation 2. Complete the following using FIFO Method of Process Costing: a. Compute Equivalent Units b. Compute Cost per Equivalent Unit c. Determine costs of Ending WIP and Units Transferred d. Prepare reconciliation

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