Problem
Quad Company produces products using a process costing system.
No spoilage or transferred-in costs.
The following information is available for the current month: (DM=Direct Materials % Complete, CC=Conversion Costs %Complete)
|
Beginning WIP
|
3,000
|
DM 40%
|
CC 70%
|
|
Ending WIP
|
4,500
|
DM 30%
|
CC 65%
|
|
Units started
|
11,100
|
|
|
Required:
1. Calculate the equivalent units using the FIFO method.
2. Calculate the equivalent units using the Weighted Average method.