Question A) How many units were started and completed?

B) Calculate the Direct materials cost per galloon of chemical X (hint weighted average)

C) Using Fifo, calculate equivalent units of produced

D) Using FIFO calculate the cost per equivalent unit produced

E) Using FIFO what is the journal entry for the transferred to finished.

F) Using fifo what are the unit costs?

Class time: Process Costing (50 points) Our company manufactures Chemical X. Assume the company uses weighted average. Separte direct materials and conversion costs. Chemical X is comprised of two liquids, Liquid A and Liquid B. The formula of Chemical X is 60% Liquid A, 40% Liquid B. 75% of the mixed liquid is added at the beginning of the process; 25% is added at the very end. This month, Liquid A costs $50 per gallon. Liquid B costs $30 per gallon. At the beginning of the month, there was 1,000 gallons in process, 75% through the process. The total costs in beginning WIP is $31,500 for materials and $20,975 for conversion costs. During the month, 10,000 gallons were startedConversion costs were $343,000 for the month. Compute direct material costs (hint use DM EUP under FIFO). At the end of the month, there were 1,500 gallons in process, 70% through the process O storted AND completed 2 Completed? Class time: Process Costing (50 points) Our company manufactures Chemical X. Assume the company uses weighted average. Separte direct materials and conversion costs. Chemical X is comprised of two liquids, Liquid A and Liquid B. The formula of Chemical X is 60% Liquid A, 40% Liquid B. 75% of the mixed liquid is added at the beginning of the process; 25% is added at the very end. This month, Liquid A costs $50 per gallon. Liquid B costs $30 per gallon. At the beginning of the month, there was 1,000 gallons in process, 75% through the process. The total costs in beginning WIP is $31,500 for materials and $20,975 for conversion costs. During the month, 10,000 gallons were startedConversion costs were $343,000 for the month. Compute direct material costs (hint use DM EUP under FIFO). At the end of the month, there were 1,500 gallons in process, 70% through the process O storted AND completed 2 Completed