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The Smith Company Manufactures a Product That Goes Through Two

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The Smith Company manufactures a product that goes through two departments prior to completion.The following information is available on work in one of these departments,the Forming Department,during March:
  The Smith Company manufactures a product that goes through two departments prior to completion.The following information is available on work in one of these departments,the Forming Department,during March:     Cost in the beginning work-in-process inventory and cost added during the month were as follows:   \begin{array}{|l|r|r|} \hline & \text { Materials } & \text { Conversion } \\ \hline \text { Work in process, March 1 } & \$ 42,190 & \$ 38,000 \\ \hline \text { Cost added during March } & \$ 440,810 & \$ 394,000 \\ \hline \end{array}   The Forming Department is the first department in the production process; after forming has been completed,the units are transferred to the Finishing Department. Required: a)Assuming the company uses the weighted-average method,calculate the equivalent units and unit cost for materials and conversion costs,rounded to the nearest tenth of a cent. b)(Appendix 6A)Assuming the company uses the FIFO method,calculate the equivalent units and unit cost for materials and conversion costs,rounded to the nearest tenth of a cent.
Cost in the beginning work-in-process inventory and cost added during the month were as follows:
 Materials  Conversion  Work in process, March 1 $42,190$38,000 Cost added during March $440,810$394,000\begin{array}{|l|r|r|}\hline & \text { Materials } & \text { Conversion } \\\hline \text { Work in process, March 1 } & \$ 42,190 & \$ 38,000 \\\hline \text { Cost added during March } & \$ 440,810 & \$ 394,000 \\\hline\end{array}
The Forming Department is the first department in the production process; after forming has been completed,the units are transferred to the Finishing Department.
Required:
a)Assuming the company uses the weighted-average method,calculate the equivalent units and unit cost for materials and conversion costs,rounded to the nearest tenth of a cent.
b)(Appendix 6A)Assuming the company uses the FIFO method,calculate the equivalent units and unit cost for materials and conversion costs,rounded to the nearest tenth of a cent.

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The general direction in which something is developing or changing, often used in the context of financial markets to describe price movements.

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