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Easy Inc. uses the FIFO method in its process costing system. The following data concern the...

Easy Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company’s first processing department for a recent month.

Work in process, beginning:
Units in process 1,600
Percent complete with respect to materials 90 %
Percent complete with respect to conversion 10 %
Costs in the beginning inventory:
Materials cost $ 1,942
Conversion cost $ 1,534
Units started into production during the month 25,000
Units completed and transferred out 25,100
Costs added to production during the month:
Materials cost $ 72,021
Conversion cost $ 543,648
Work in process, ending:
Units in process 1,500
Percent complete with respect to materials 70 %
Percent complete with respect to conversion 70 %

Required:

Using the FIFO method:

a. Determine the equivalent units of production for materials and conversion costs.

b. Determine the cost per equivalent unit for materials and conversion costs.

c. Determine the cost of ending work in process inventory.

d. Determine the cost of units transferred out of the department during the month.

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Expert Solution

ekkarill92 answered 1 year ago
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