Question

Can someone please fill in this table for me? i have provided the information needed for it. USE FIFO

Units Repeat requirement 2 using the FIFO method. (Round your answers to the nearest whole dollar amount. Round "Cost per equivalent unit" to 2 decimal places.) SMITH ELECTRONIC COMPANY Chip-Mounting Production Department FIFO Production Cost Report Production Quantity Information Step 1: Analyze Step 2: Calculate Flow of Physical Equivalent Units Physical Direct Conversio Units Materials Costs Input Beginning work-in-process inventory Completion percentage Direct materials Conversion Started this period Total units to account for Output Completed Ending work-in-process inventory Completion percentage Direct materials Conversion Total units accounted for Total work performed to date Beginning work-in-process inventory Total work performed this period (FIFO ol equivalent units Unit Cost Determination Step 3: Determine Total Costs to Direct Conversion Total Account for Flow Materials Costs Beginning work-in-process inventory Current cost Total costs to account for $ 0 $ 0 $ Step 4: Compute Unit Costs Cost per equivalent unit Cost Assignment Completed Step 5: Assign Total Manufacturing and Transferred Work-in Total Costs Process Out Units completed and transferred out Beginning work-in-process Current cost to complete Materials Conversion Total from beginning work-in-process $ Units started and finished Total cost completed and transferred out Ending work-in-process Materials Conversion Total costs accounted for 0 $ Ending

Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process.

Following is a summary of production costs incurred during October:

	Direct Materials				Conversion Costs
Beginning work-in-process					$	3,750
Costs added in October	$	9,600				4,200
Total costs	$	9,600			$	7,950

Answer 1

Smith Electronic Company
Chip Mounting Production Department FIFO Production Cost Report
Production Quantity Information
	Step 1 Analyze flow of Physical Units	Step 2 Calculate equivalent units
	Physical Units	Direct Materials	Conversion Costs
Input :
Beginning work in process inventory	300
Completion Percentage	50%
Direct Materials		32
Conversion			12.5
Started this period	800
Total Units to account for	1100
Output	900
Completed	100%
Ending work-in-process inventory	200
Completion Percentage	70%
Direct Materials
Conversion			3.82
Total Units to account for	200
Total work performed to date	70%
Beginning work in process inventory	200
Total work performed this period(FIFO equivalent units)	900
Unit Cost Determination
Step 3: Determine total costs to account for flow	Direct Materials	Conversion Costs	Total
Beginning work in process inventory		3,750	3,750
Current cost	9,600	4,200	13,800
Total costs to account for			17,550
Step 4: Compute unit costs
Cost per equivalent units	32	16.32
Cost Assignment	32	16.32
Step 5 : Assign Total Manufacturing Costs	Completed and transferred out	Ending work-in-process	Total
Units completed and transferred out	900
Beginning work-in-process	300
Current cost to complete	13,800
Materials	9,600
Conversion	4,200
Total from beginning work-in-process	3,750
Units started and finished	900
Total costs completed and transferred out	17,550
Ending work-in-process		200
Materials		-
Conversion		3.82
Total costs accounted for	17,550	764	18,314