Final answer:
To calculate the weighted average and FIFO units of production with units completed and spoilage, consider only good units for weighted average and deal with spoiled units based on timing for FIFO. Differentiate between units started and completed, and use total cost divided by total output for average total cost. Productivity can also be measured in various other ways.
Step-by-step explanation:
To calculate the weighted average and FIFO units of production, it's necessary to take into account the units completed and any spoilage that occurred during production. The weighted average method involves calculating the average cost of all units available for sale during the period. As for the FIFO (First-In, First-Out) method, it assumes that the oldest units in inventory are sold first, and thus, the cost of the oldest units are used to calculate the cost of goods sold.
When dealing with spoilage, the calculation of equivalent units under weighted average method will adjust the total units to include only the good ones by subtracting the spoiled units. In FIFO, spoiled units are often considered separately, and their costs are calculated based on when they were introduced into the process.
Regarding the calculation of equivalent units for FIFO, it's important to distinguish units started and completed during the period from those only started or those only completed. This distinction is crucial in correctly calculating the number of equivalent units.
When it comes to average total cost, you can calculate this by taking the total cost and dividing it by the total output at each different level of output. Average costs typically follow a U-shaped curve when graphed.
As for productivity measurement, apart from the amount produced per hour of work, a firm could also look at metrics such as units produced per employee, per machine, or per dollar of input.