I’ve done the FIFO method can someone show me step by step on to the weighted av

Question

I’ve done the FIFO method can someone show me step by step on to the weighted average method ????????????? 16-78 Determine equivalent units and unit costs and assign costs for processes; prepare production cost report (LO 8), AP Holiday Company manufactures basketballs and soccer balls. For both products, materials are added at the beginning of the production process and conversion costs are i the FIFO method to compute equivalent units. Production and cost data for the month of August are shown below. Percent Production Data-Basketballs work in process units, August 1 Units started into production Units Complete Production Data- Soccer Balls Ualts Complote 500 2.000 | Work in process units. August 1 Units 60% 20) work in process units. August 31 600 x:50) | Work in process uns, August 31 70% Cost Data-Basketballs Work in process, August 1 Direct materials Direct labor Manufacturing overhead Cost Data-Soccer Work in process, Direct materials Direct labor Manuf $ 450 800 $1,125 1,600 1,280 1,000 1,394 Instructions (a) Calculate the following for both the basketballe and the soccer balls. 1. The equivalent units of production for materials and conversion costs 2. The unit costs of production for materials and conversion costs 3. The assignment of costs to units transferred out and in process at the end of the accounting period. Basketballs: (1) Materials 2,000 (2) Materials $.80 (3) Transferred out $4,165 WIP $840 (b) Prepare a production cost report for the month of August for the basketballs only

Explanation / Answer

Weighted average cost Beggining units 500 Transferred out 1,900 Started intro production 2000 Ending units 600 Units accounted for 2500 2500 Equivalent units Material Conversion cost Units transferred                      A 1900 1900 Ending Units 600 600 Completion 100% 50% B 600 300 Total units 2500 2200 Cost per equivalent units Particulars Material Conversion cost total As at beginning 400 725 1125 Added during the month 1600 2280 3880 Cost to be accounted for 2000 3005 5005 Total eqivalent units 2500 2200 Cost per equivalent unit 0.80 1.37 2.17 Cost per equivalent unit = Cost to be accounted for / Total equivalent units Cost of ending work in progress Conversion cost Particulars Material Total Ending units 600 600 Cost per equivalent units 0.80 1.37 Completion 100% 50% Total cost 480 410 890 Cost of goods transferred Conversion cost Particulars Material Total Number of units 1900 1900 Cost per equivalent units 0.80 1.37 2.17 Total amount 1520 2595 4115

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