17-24 Weighted-average method, equivalent units. The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for the month of May 2017: 1. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. 2. Summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to the units completed (and transferred out) and units in ending work in process. 3. Suppose the assembly division at Quality Time Pieces, Inc. uses the FIFO method of process costing instead of the weighted-average method. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. 4. Use the FIFO method to summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work in process.
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17-24 Weighted-average method, equivalent units. The assembly division of Quality Time Pieces, Inc....
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