In: Accounting
Rick Company applies the FIFO method of process costing. The Molding Department reported the following information for March.
Physical Percent complete with Percent complete with
Units respect to materials respect to conversion
Work in process, March 1 12,000 80% 70%
Units started 20,000
Units completed and transferred out 28,000
Work in process, March 31 4,000 40% 30%
Costs for March Materials Conversion
Work in process, March 1 $70,000 $100,000
Added during the month $150,000 $174,720
Compute the cost per equivalent unit for materials, cost per equivalent unit for conversion, and cost of units started and completed.
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