Question 1
Weighted-average cost per equivalent unit is obtained by dividing the sum of costs for beginning work in process plus costs for work done in the current period by total equivalent units of work done to date.
◦ true
◦ false
Question 2
Lexington Company produces baseball bats and cricket paddles. It has two departments that process all products. During July, the beginning work in process in the cutting department was half completed as to conversion, and complete as to direct materials. The beginning inventory included $40,000 for materials and $60,000 for conversion costs. Ending work-in-process inventory in the cutting department was 40% complete. Direct materials are added at the beginning of the process.
Beginning work in process in the finishing department was 80% complete as to conversion. Direct materials for finishing the units are added near the end of the process. Beginning inventories included $24,000 for transferred-in costs and $28,000 for conversion costs. Ending inventory was 30% complete. Additional information about the two departments follows:
| | Cutting | Finishing |
| Beginning work-in-process units | 20,000 | 24,000 |
| Units started this period | 60,000 | |
| Units transferred this period | 64,000 | 68,000 |
| Ending work-in-process units | | 20,000 |
| | | |
| Material costs added | $48,000 | $34,000 |
| Conversion costs | 28,000 | 68,500 |
| Transferred-out cost | 128,000 | |
Required:
Prepare a production cost worksheet, using FIFO for the finishing department.
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