Question 3 (10 Marks) Cost per equivalent unit; Weighted average and FIFO
Woodchuck Timber Pty Ltd grows, harvest and processes timber for use in the building industry. The following date relate to the company’s sawmill during June:
Work in Process, 1 June Direct material Conversion Cost incurred during June Direct material Conversion 1 130 360 850 380 000 000 000 000
The equivalent units for June were as follows:
$ $ Weighted average FIFO Direct material 14 000 8500 Conversion 3480 2000
Required: 1. Calculate the cost per equivalent for both direct material and conversion during June. Use weighted average process costing. 2. Repeat requirement 1 using the FIFO method.
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