Business, 13.03.2021 04:30 DCURLS3518

Pharma Company produces various medicines in capsule form. At the beginning of the month of March, it had 5,000 units that were 40% complete. These were assigned costs of $150,000. During the month, it completed 55,000 units and has 20,000 units that are 50% completed. It had production costs during the month of $600,000. Complete all five steps of a production report using the weighted average method. Complete all five steps of a production report using the FIFO method.

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Answer from: nicollexo21

Pharma Company

1. Weighted Average method:

Weighted Average Method:

Equivalent units of production:

Started and completed this period 55,000

Ending WIP 10,000

Total equivalent unit produced = 65,000

Total cost of production:

Beginning WIP = $150,000

Current period 600,000

Total cost = $750,000

Cost per equivalent unit = $11.54 ($750,000/65,000)

Cost assigned to:

Units completed = 55,000 * $11.5385 = $634,617

Ending WIP = 10,000 * $11.5385 = 115,385

Total cost of production = $750,002

Cost Reconciliation:

Beginning WIP = $150,000

Completed units 600,000

Total costs = $750,000

Ending WIP = 115,385

Cost assigned to

production 634,617

2. FIFO method:

Explanation:

a) Data and Calculations:

Units Completion % Cost

Beginning WIP = 5,000 2,000 (40%) $150,000

Current completion (WIP) 3,000 (60%)

Completed 55,000 55,000 (100%) 600,000

Ending WIP 20,000 10,000 (50%)

Weighted Average Method:

Equivalent units of production:

Beginning WIP 3,000

Started and completed this period 55,000

Ending WIP 10,000

Total equivalent unit produced = 68,000

Total cost of production:

Current period 600,000

Cost per equivalent unit = $8.82 ($600,000/68,000)

Cost assigned to:

Beginning WIP =

Units completed

Beginning WIP = $150,000

= 3,000 * $8.82 = $26,460

= 55,000 * $8.82 = 485,100

Ending WIP:

= 10,000 * $8.82 = 88,200

Total cost of production = $749,760

Cost Reconciliation:

Beginning WIP (40%) = $150,000

WIP completed (60%) 26,460

Completed units 485,100

Ending WIP = 88,200

Total cost = $749,760

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