Exercise 5S-3 Assigning Costs to Units-FIFO Method [LO5S-8] Data concerning a recent period’s activity in the...

Exercise 5S-3 Assigning Costs to Units-FIFO Method [LO5S-8]

Data concerning a recent period’s activity in the Assembly Department, the first processing department in a company that uses the FIFO method in its process costing, appear below:

	Materials		Conversion
Cost of work in process inventory at the beginning of the period	$	3,200	$	650
Equivalent units in the ending work in process inventory		400		200
Equivalent units required to complete the beginning work in process inventory		600		1,200
Cost per equivalent unit for the period	$	2.32	$	0.75

A total of 26,000 units were completed and transferred to the next processing department during the period. Beginning work in process inventory consisted of 2,000 units and ending work in process inventory consisted of 1,000 units.

Required:

1. Compute the Assembly Department's cost of ending work in process inventory for materials, conversion, and in total for the period.

2. Compute the Assembly Department's cost of units transferred out to the next department for materials, conversion, and in total for the period.

Part 2

Schroeder Baking Corporation uses a process costing system in its large-scale baking operations. The Mixing Department is one of the company’s processing departments. In the Mixing Department in July, the cost of beginning work in process inventory was $1,460, the cost of ending work in process inventory was $3,120, and the cost added to production was $36,540.

Required:

Prepare a cost reconciliation report for the Mixing Department for July.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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