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Question - Howard Company has the following information for its 1st department available for January:
Beginning Work in Process Inventory (25% done as to conversion) 10,000 units
Started in process 120,000 units
Ending Work in Process Inventory (30% done as to conversion) 30,000 units
Beginning Work in Process Inventory Costs:
Material P21,000
Conversion 20,300
Current Period Costs:
Material P330,000
Conversion 1,090,000
All material is added at the start of production and all products completed are transferred out.
Requirements -
a. Refer to Howard Company. Make an equivalent unit schedule using the (a) FIFO and (b) weighted average method.
b. Refer to Howard Company. Make a schedule showing the computation for cost per equivalent unit assuming (a) FIFO and (b) weighted average method.
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