Question

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company’s processing departments:

Units in beginning inventory	360
Units started into production	4,280
Units in ending inventory	320
Units transferred to the next department	4,320

	Materials		Conversion
Percentage completion of beginning inventory	80	%	20	%
Percentage completion of ending inventory	90	%	30	%

The cost of beginning inventory according to the company’s costing system was $7,814 of which $4,883 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $177,672. The costs per equivalent unit for the month were:

	Materials	Conversion
Cost per equivalent unit	$18.00	$23.00

Required:

1. Compute the total cost per equivalent unit for the month.

2. Compute the equivalent units of material and conversion in the ending inventory.

3. Compute the equivalent units of material and conversion that were required to complete the beginning inventory.

4. Compute the number of units started and completed during the month.

5. Compute the cost of ending work in process inventory for materials, conversion, and in total for the month.

6. Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month.

Answer 1

UNITS TO ACCOUNT FOR:
Beginning Work in Process units			360
Add: Units Started in Process			4,280
Total Units to account for:			4,640
UNITS TO BE ACCOUNTED FOR:
Units completed from beginning WIP		360
Units started and completed			3,960
Ending Work in Process			320
Total Units to be accounted for:		4,640
Equivalent Units:
			UNITS	Material Cost	Conversion
				% Completion	Units	% Completion	Units
Units completed from Beg.	360	20%	72	80%	288
Units started and completed	3960	100%	3,960	100%	3,960
Ending Work in Process	320	90%	288	30%	96
Total Equivalent units	4640		4,320		4,344
TOTAL COST ACCOUNTED FOR:
Units completed from Beg. Wip (360 units)
				Equivalent unit	Cost per EU	Total Cost
Cost of beginning WIP				7814
Material				72	18	1296
Conversion Cost			288	23	6624
Total cost to complete beginning WIP			15734
Units started and completed (3960 units)
				Equivalent unit	Cost per EU	Total Cost
Material				3,960	18	71280
Conversion Cost			3,960	23	91080
Total cost of units started and complted			162360
Total cost of units transferred out			178094
Ending Work in process (320 units)
				Equivalent unit	Cost per EU	Total Cost
Material				288	18	5184
Conversison Cost			96	23	2208
Total cost of Ending Work in process:			7,392
Total cost accounted for				1,85,486
Req 1.
Total cost per EUP (18+23)=	41
Req 2.				Material	Conversion
Equivalent units			288	96
Req 3.				Material	Conversion
EUP for completion of Beginning WIP	72	288
Req 4.
Number of units started and completed:	3960	units
Req 5.
Cost of Ending WIP:			7,392
Req 6.
cost of Units transferred to Next deptt	1,78,094
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