Process Costing Weighted Average and FIFO

Carolina Pulp Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. This is the companys production quantity schedule for May:

	Physical Units	Direct Materials	Conversion Costs
Work in process, May 1a	1,500	$20,750	$23,470
Started during May	?
Completed during May	5,500
Work in process, May 31b	1,000
Total costs added during May		$80,000	$58,880

a Degree of completion: direct materials?; conversion costs 70%

b Degree of completion: direct materials?; conversion costs 60%

REQUIRED:

1. Summarize the costs for May, and assign total costs to units completed and to units in ending work in process using the weighted average method.

2. Prepare a set of summarized journal entries for all May transactions affecting work in process.

3. Summarize the costs for May, and assign total costs to units completed and to units in ending work in process using the FIFO method.