Question:
(FIFO EUP; cost per FIFO EUP) Waltham Mfg. makes skateboards and uses a weighted average process costing system. On May 1, 2010, the company had 400 boards in process that were 70 percent complete as to material and 85 percent complete as to conversion. During the month, 3,800 additional boards were started. On May 31, 300 boards were still in process (40 percent complete as to material and 60 percent complete as to conversion). Cost information for May 2010 is as follows:
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Beginning WIP Inventory costs
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|
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Direct material
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$ 4,349
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|
Conversion
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4,658
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Current period costs
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|
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Direct material
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60,775
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|
Conversion
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46,750
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Use the information except assume that Waltham Mfg. uses FIFO costing. Prepare a schedule showing the August 2010 computation of FIFO equivalent units of production and cost per equivalent unit.