Process Costing

Weighted Average
And
FIFO Method

Group Members:
Hanaa Mohammed
Leeanndra Soodoo
Pooja Persad
Selena Sookdeo
Zain Jodhan
 2014 P2 #2b
Taylor Ltd
Weighted Average Method
Details Total % Materials % Conversions
Work in Process Unit b/d 17500u
Add: Units started in 105000u
production
Total units to account for 122500u

Units Completed and 104300u 100% 104300u 100 104300u

Transferred out %
Add: Work in Process c/d 18200u 80% 14560u 60% 10920u
Total Equivalent Units 122500u 118860u 115220u

Work in Process Cost b/d $156000 $132000 $24000

Add: Material Cost added $812000 $812000
Add: Conversion Cost added $240000 $240000
Total Cost to Account for $1208000 $944000 $264000
÷ Total Equivalent Cost ÷$118860 ÷$115220
Cost Per Equivalent Unit $10.23338565 $7.942116776 $2.291268877

Cost of Units Completed and $1067331.694 104300*7.94211 $104300*2.2912

Transferred out 6776 68877
=$828352.3497 =$238979.3439
Add: Cost of Work in Process
Units c/d
-Materials $115637.2203 14560u*$7.9421
16776
=$115637.2203
-Conversions $25020.65614 10920u*$2.2912
68877
=$25020.65614
Total Cost Accounted for $1207989.57
Taylor Ltd
Details Total % Material % Conversion
Work in Process Units b/d 17,500u
ADD: Units Started 105,000u
Total Units to account for 122,500u

Work in Process Units b/d 17,500 u 30% 5,250 u 40% 7,000 u

ADD: Units Started and 89,550 u 100% 89,550 u 100% 89,550 u
Completed
ADD: Work in Process Units 15,450 u 80% 12,360 u 60% 9,270 u
c/d
Total Equivalent Units 122,500 u 107,160 u 105,820 u

Work in Process Cost b/d 156,000

ADD: Material Cost added 812,000 812,000
ADD: Conversion Cost added 240,000 240,000
Total Cost to account for 1,208,000 812,000 240,000
/ Total Equivalent Units 107,160 105,820
Cost Per Equivalent Units =$7.577454274 =$2.268002268

Work in Process Cost b/d 156,000

ADD: Costs to complete
Work in Process
-Material $39781.63494 5,250*$7.57745
4274
=$39781.63494
-Conversion $15876.01588 7000*$2.268002268
=$15876.01588
ADD: Cost of Units Started $881,660.6333 89,550*$7.5774 89,500*$2.268002268
and Completed 54274 =$203,099.6031
=$678,561.0302
ADD: Work in Process c/d
-Material $93,657.33483 12,360*$7.5774
54274
=$93,657.33483
-Conversion $21,024.38102 9,270*$2.268002268
=$21,024.38102
Total Cost Accounted For $1,207,991
FIFO Method
 2011 P2 #2b
Belmopan Company
Weighted Average Method
Details Total % Materials % Conversions
Work in Process 22,500 u
Unit b/d
Add: Units started 130,000 u
in production
Total units to 152,000 u
account for

Units Completed 124,000 u 100 124,000 u 100% 124,000 u

and Transferred out %
Add: Work in 28,500u 100 28,500 u 60% 17,100 u
Process c/d %
Total Equivalent 152,000 u 830,000 u 141,100 u
Units

Work in Process 72,074 51,900 20,174

Cost b/d
Add: Material Cost 430,000 430,000
added
Add: Conversion 310,000 310,000
Cost added
Total Cost to 812,074 481,900 330,174
Account for
÷ Total Equivalent 830,000 u 141,100 u
Cost
Cost Per Equivalent $0.5806024096 $2.34
Unit

Cost of Units $362,154.6987 124,000*$0.5806024096 124,000*$2.34

Completed and =$71,994.69872 =$290,160
Transferred out
Add: Cost of Work
in Process Units c/d
-Materials $16,547.1686736 28,500*$0.5806024096
-Conversions $40,950 17,500*$2.34
Total Cost $419,651.8674
Accounted for
Details Total % Materials % Conversions
Work in Process 22,500 u
Units b/d
ADD: Units 130,000 u
Started
Total Units to 152,500 u
account for

Work in Process 22,500 u 0% 0u 60% 13,500 u

Units b/d
ADD: Units 101,500 u 100% 101,500u 100% 101,500 u
Started and
Completed
ADD: Work in 28,500 u 0% 0u 60% 17,100 u
Process Units c/d
Total Equivalent 152,500 u 101,500u 132,100 u
Units

Work in Process 72,074 51,900 20,174

Cost b/d
ADD: Material 430,000 430,000
Cost added
ADD: Conversion 310,000 310,000
Cost added
Total Cost to $812,074 $481,900 $330,174
account for
/ Total Equivalent 101,500 u 132,100 u
Units
Cost Per $7.247207929 $4.747783251 $2.499424678
Equivalent Units

Work in Process 72,074 0 0

Cost b/d
ADD: Costs to
complete Work in
Process
-Material $246,409.9507 51,900*$4.747783251
=$246,409.9507
-Conversion $50,423.39345 20,174*$2.499424678
=$50,423.39345
ADD: Cost of $735,591.6048 101,500*$4.747783251 101,500*$2.499424678
Units Started and =481,900 =$253,691.6048
Completed
ADD: Work in
Process c/d
-Material $0 0*$4.747783251
=$0
-Conversion $42,740.16199 17,100*$2.499424678
=$42,740.16199
Total Cost 1,075,165.111
Accounted For
Belmopan Company
Fifo Method
 2001 P2 #2a
The Eastdale Company
Weighted Average Method
Details Total % Materials % Conversions
Work in Process 140,000 u
Unit b/d
Add: Units started in 700,000 u
production
Total units to 840,000 u
account for

Units Completed 800,000 u 100% 800,000 u 100% 800,000 u

and Transferred out
Add: Work in 40,000 u 75% 30,000 u 25% 10,000 u
Process c/d
Total Equivalent 840,000 u 830,000 u 810,000 u
Units

Work in Process 244,000 172,000 (24,000+48,000)

Cost b/d =72,000
Add: Material Cost 890,000 890,000
added
Add: Conversion 397,800 132,600=265,200
Cost added =397,800
Total Cost to 1,531,800 1,062,000 469,800
Account for
÷ Total Equivalent 830,000 810,000
Cost
Cost Per Equivalent $1.86 $1.279518072 $0.58
Unit

Cost of Units $1,487,614.45 800,000*$1.27951807 800,000*$0.58

Completed and 8 2 =$464,000
Transferred out =$1,023,614.458
Add: Cost of Work
in Process Units c/d
-Materials $38,385.54216 30,000*$1.279518072
=38,385.54216
-Conversions $5,800 10,000*$0.58
=$5,800
Total Cost $1,531,800.00
Accounted for
The Eastdale Company
FIFO Method
Details Total % Materials % Conversions
Work in Process Unit b/d 140000u
Add: Units started in 700000u
production
Total units to account for 840000u

Work in Process b/d 140000u 0% 0u 10% 14000u

Add: Units started and 660000u 100 660000u 100 660000u
completed (840000u- % %
[140000u+40000u])
Add: Work in Process c/d 40000u 75% 30000u 25% 10000u
Total Equivalent Units 840000u 690000u 684000u

Work in Process Cost b/d $244000 $0 $0

($172000+$24000+$48000)
Add: Material Cost added $890000 $890000
Add: Conversion Cost added $397800 $397800
($132600+$265200)
Total Cost to Account for $1531800 $890000 $397800
÷ Total Equivalent Units ÷ 690000u ÷684000u
Cost Per Equivalent Unit $1.87143401 $1.28985507 $0.581578947
9 2 4

Work in Process Cost b/d $244000 $0 $0

($172000+$24000+$48000)
Add: Cost of Work in Process
Units c/d
-Materials (0u*$1.289855072) $0 0u
-Conversions $8142.10526 8142.105264u
(14000u*$0.5815789474) 4
Add: Cost of units started and $1235146.45 660000u* 660000u*
completed ($851304.3475+ 3 $1.28985507 $0.581578947
$383842.1053) 2 4
Add: Work in Process c/d
-Materials $38695.6521 30000u*
6 $1.28985507
2
-Conversions $5815.78947 10000u*
4 $0.581578947
4

Total Cost Accounted for $1,531,800