The following data relate to Twilight Manufacturing Ltd:

During July, 133,500 units were completed and transferred out.

Work in process, 1 June:

Direct material..................................................15,000 units*

Conversion.....................................................$16,350

Costs incurred during June:

Direct material.................................................$169,050

Conversion......................................................240,300

The equivalent units for July were as follows:

Required:
1. Calculate each of the following amounts using weighted average process costing.
(a) Cost of goods completed during July.
(b) Cost of the 31 July work in process inventory.
2. Repeat requirement 1 using the FIFO method.

Transcribed Image Text:

Weighted average FIFO 154 500 139 500 Direct material Conversion 145 500 140 250