Problem 1 - Missouri Corporation shows the following information concerning the work in process at its plant:
- Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 62 percent complete).
- Started this month, 59,500 units.
- Transferred out, 50,900 units.
- Ending inventory, 19,300 units (materials are 100 percent complete; conversion costs are 15 percent complete).
Required:
a. Compute the equivalent units for materials using the weighted-average method.
b. Compute the equivalent units for conversion costs using the weighted-average method
Problem 2 - Missouri Corporation shows the following information concerning the work in process at its plant:
- Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 59 percent complete).
- Started this month, 59,600 units.
- Transferred out, 50,000 units.
- Ending inventory, 19,700 units (materials are 100 percent complete; conversion costs are 17 percent complete).
Required:
(a) Compute the equivalent units for materials using FIFO.
(b) Compute the equivalent units for conversion costs using FIFO.