transferred in costs weighted average and fifo 269236

Transferred in costs, weighted average and FIFO methods. Frito Lay, Inc., manufactures convenience foods, including potato chips and corn chips. Production of corn chips occurs in four departments: cleaning, mixing, cooking, and drying and packaging. Consider the drying and packaging department, where direct materials (packaging) are added at the end of the process. Conversion costs are added evenly during the process. The accounting records of a Frito Lay plant provide the following information for corn chips in its drying and packaging department during a weekly period (week 37):

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Required

1. Using the weighted average method, summarize the total drying and packaging department costs for week 37, and assign total costs to units completed (and transferred out) and to units in ending work in process.

2. Assume that the FIFO method is used for the drying and packaging department. Under FIFO, the transferred in costs for work in process beginning inventory in week 37 are $28,920 (instead of $26,750 under the weighted average method), and the transferred in costs during week 37 from the cooking department are $93,660 (instead of $91,510 under the weighted average method). All other data are unchanged. Summarize the total drying and packaging department costs for week 37, and assign total costs to units completed and transferred out and to units in ending work in process using the FIFOmethod.