Homework due on 4 Oct 2019 before 2 PM

I. Powers Corporation has the following information available for May of the current year:

Beginning Work in Process Inventory

(25% complete as to conversion) 10,000 units
Started 120,000 units
Ending Work in Process Inventory
(30% complete as to conversion) 30,000 units

Beginning Work in Process Inventory Costs:

Material P 2,100
Conversion 2,030

Current Period Costs:

Material P 33,000
Conversion 109,695

All material is added at the start of production and all products completed are transferred out.
Required: Cost of production report using a) FIFO and b) weighted average method

II. The following costs were accumulated by Department 2 of Tulsa Company during November:

Cost Transferred
from Dept. 1 Material Conversion Total
Costs
Beginning Inventory P 17,050 0 P 5,450 P 22,500
Current Period Cost 184,000 P 34,000 104,000 322,000
P 201,050 P 34,000 P 109,450 P344,500

Production for November in Department 2 (in units):

WIP-November 1 2,000 60% complete

Complete period transferred 20,000
WIP-November 30 5,000 40% complete

Materials are not added in Department 2 until the very end of processing Department 2.

Required: Prepare the cost of production report for Department 2 of Tulsa under

a. Weighted average inventory assumption

b. FIFO inventory assumption