Reference no: EM133016179

Question - Anika Manufacturing makes toys and uses the average process costing system. On May 1, 2017, the company had 400 units in process that were 70% complete as to materials and 85% complete as to conversion. During the month, 3,800 additional units were started. On May 31, 300 units were still in process (40% complete as to materials and 60% complete as to conversion). Cost information for May 2017 is as follows:

Beginning WIP Inventory

Direct materials P 4,349

Conversion 4,658

Current period costs

Direct materials 60,775

Conversion 46,750

Required -

-Calculate the EUP for each cost component using the average method.

-Calculate cost per EUP for each cost component using the average method.

-Calculate the EUP for each cost component using the FIFO method.

-Calculate cost per EUP for each cost component using the FIFO method.