Finance Question

Complete the following exercise. Provide your answers in an MSWord document or as an Excel spreadsheet with each exercise or problem clearly labeled. Use CSU-Global APA formatting and citation if needed.

The Malbim Company uses a process costing system. Materials are added at the beginning of the process. On July 1 there are 400 units in the beginning inventory that are 100% complete as to materials. With regard to labor and overhead, however, the units in beginning inventory (July 1) are only 75% complete.

During July, 10,000 units were placed in production; of these, 7,400 were completed and transferred to the next department. On July 31, the remaining 3,000 units were 20% complete with regard to labor and overhead.

Required: (Be sure to show your calculations for each)

Using the Weighted Average method, calculate the equivalent units of
Direct Materials
Direct Labor and Factory Overhead

Using the FIFO method, calculate the equivalent units of
Direct Materials
Direct Labor and Factory Overhead