T Company makes a product that goes through a single processing department. Direct Materials are added at

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Question:

T Company makes a product that goes through a single processing department. Direct

Materials are added at the start of the process, while Conversion Costs are added evenly during the process. T Company uses the Weighted Average method of Process Costing.

During last month, T Company had 6,750 units in beginning Work-in-Process Inventory which were 100% complete for materials and 60% complete for conversion. There were 8,250 units started during the period. After finishing the 6,750 units in beginning Work-in-Process Inventory, the company started and completed 5,250 units. (That means the total units transferred to Finished Goods for the period was 6,750 + 5,250 = 12,000 units.) T Company had

3,000 units in ending Work-in-Process Inventory which were 100% complete for materials and 30% complete for conversion.

The beginning Work-in-Process Inventory had a value of $669,900 (which was $396,000 of materials and $273,900 of conversion). During the month, costs added were $1,083,900 (which was $429,000 of materials and $654,900 of conversion).

Required:

Again, assume that T Company uses the Weighted Average method of Process Costing.

(a) Calculate the dollar cost of items transferred out of Work-in-Process Inventory and into Finished Goods Inventory for the month using the Weighted Average method of Process Costing.

(b) Calculate the dollar cost of items in Ending Inventory (at the end of the month) using the Weighted Average method of Process Costing. Provide me with a FULL COST OF PRODUCTION REPORT

Now assume all of the above EXCEPT that T Company uses the FIFO method of Process Costing. (c) Calculate the dollar cost of items transferred out of Work-in-Process Inventory and into Finished Goods Inventory for the month using the FIFO method of Process Costing.

(d) Calculate the dollar cost of items in Ending Inventory (at the end of the month) using the FIFO method of Process Costing. Provide me with a FULL COST OF PRODUCTION REPORT