Process Costing: weighted average method single stage

Unit flow Percentage of completion

during Direct
Conversion
period materials
Units in Work in process beginning of period 2,000
Units started during the period 12,000
Total units to account for 14,000

Units completed during the period 10,000 100% 100%

Units in Work in process end of period 4,000 100% 50%
Total units accounted for 14,000
Equivalent units
Direct
Conversion
materials
Units completed during the period 10,000 10,000
Units in Work in process end of period 4,000 2,000
14,000 12,000
Costing
Direct
Conversion Total
materials
Costs in Work in process beginning of period € 6,000 € 4,000 € 10,000
Costs incurred during period € 50,000 € 20,000 € 70,000
Total cost to account for € 56,000 € 24,000 € 80,000

Cost per equivalent unit € 4.00 € 2.00 € 6.00

Cost of Goods completed € 40,000 € 20,000 € 60,000

Cost of Work in process end of period € 16,000 € 4,000 € 20,000
Total cost to account for € 56,000 € 24,000 € 80,000
Process Costing: first in first out method single stage
Percentage of
completion
Direct
Conversion
Unit flow during period materials
Units in Work in process beginning of period 2,000 100% 10%
Units started during the period 12,000
Total units to account for 14,000

Units completed from beginning WIP 2,000

Units completed during the period 8,000 100% 100%
Units in Work in process end of period 4,000 100% 50%
Total units accounted for 14,000
Equivalent units
Direct
Conversion
materials
Units completed from beginning WIP 0 1800
Units completed during the period 8,000 8,000
Units in Work in process end of period 4,000 2,000
12,000 11,800
Costing
Direct
Conversion Total
materials
Costs in Work in process beginning of period € 6,000 € 4,000 € 10,000
Costs incurred during period € 50,000 € 20,000 € 70,000
Total cost to account for € 56,000 € 24,000 € 80,000

Cost per equivalent unit € 4.17 € 1.69 € 5.86

WIP beginning € 6,000 € 4,000 € 10,000

Cost to complete WIP beginning €- € 3,051 € 3,051
Cost of goods completed from beginning WIP € 6,000 € 7,051 € 13,051
Started and completed this period € 33,333 € 13,559 € 46,893
Cost of Work in process end of period € 16,667 € 3,390 € 20,056
Total cost to account for € 56,000 € 24,000 € 80,000