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Company X makes a product that goes through a single processing department. Direct Materials are added at the start of the process, while Conversion Costs are added evenly during the process. Company X uses the FIFO method of Process Costing.

During last month, Company X had 8,700 units in beginning Work-in-Process Inventory which were 100% complete for materials and 25% complete for conversion. There were 34,500 units started during the period. After finishing the 8,700 units in beginning Work-in-Process Inventory, the company started and completed 23,300 units. (That means the total units transferred to Finished Goods for the period was 8,700 + 23,300 = 32,000 units.) T Company had 11,200 units in ending Work-in-Process Inventory which were 100% complete for materials and 70% complete for conversion.

The beginning Work-in-Process Inventory had a value of $101,093.25 (which was $69,630 of materials and $31,463.25 of conversion). During the month, costs added were $803,610.75 (which was $293,250 of materials and $510,360.75 of conversion).

(a) Calculate the dollar cost of items transferred out of Work-in-Process Inventory and into Finished Goods Inventory for the month using the FIFO method of Process Costing.

(b) Calculate the dollar cost of items in Ending Inventory at the end of the month using the FIFO method of Process Costing.

Now assume all of the above EXCEPT that Company X uses the Weighted Average method of Process Costing.

(c) Calculate the dollar cost of items transferred out of Work-in-Process Inventory and into Finished Goods Inventory for the month using the Weighted Average method of Process Costing.

(d) Calculate the dollar cost of items in Ending Inventory (at the end of the month) using the Weighted Average method of Process Costing.

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