Reference no: EM133149579

Question - The production manager of Coco Puffy Duffs presented the following production data. She stated that, beginning inventory of work-in-progress (WIP) is 1,200,000 coco puffs which are 40% complete. Beginning WIP raw material inventory costs are $2,280,000. While, beginning WIP inventory of conversion costs are $2,400,000.

He further stated that, all raw materials for the coco puffs are added at the beginning of production process. Conversion takes place continuously throughout the process. However, during the period, 3,000,000 coco puffs were started; and raw materials added during the period cost $3,123,000. Conversion costs for the period are $33,165,000. Ending WIP inventory is 600,000 coco puffs which are 30% complete.

Required -

Using the Weighted average method, determine the equivalent units of production for both materials and conversion cost (hint: number of units).

Using the Weighted average method, determine the cost per unit for materials and conversion costs.

Using the first-in, first-out (FIFO) method, determine the equivalent units of production for both materials and conversion cost (hint: number of units).

Using the first-in, first-out (FIFO) method, determine the cost per unit for material and conversion costs.

Prepare the process account for both methods.