Question

In: Accounting

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 1,300
Percent complete with respect to materials 90 %
Percent complete with respect to conversion 10 %
Costs in the beginning inventory:
Materials cost $ 1,894
Conversion cost $ 1,486
Units started into production during the month 24,400
Units completed and transferred out 24,500
Costs added to production during the month:
Materials cost $ 71,721
Conversion cost $ 543,348
Work in process, ending:
Units in process 1,200
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.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

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 1,300 Percent complete with respect to materials 90 % Percent complete with respect to conversion 10 % Costs in the beginning inventory: Materials cost $ 1,894 Conversion cost $ 1,486 Units started into production during the month 24,400 Units completed and transferred out 24,500 Costs added...
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...
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 1,400 Percent complete with respect to materials 90 % Percent complete with respect to conversion 10 % Costs in the beginning inventory: Materials cost $ 1,910 Conversion cost $ 1,502 Units started into production during the month 24,600 Units completed and transferred out 24,700 Costs added...
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 1,250 Percent complete with respect to materials 90 % Percent complete with respect to conversion 10 % Costs in the beginning inventory: Materials cost $ 1,886 Conversion cost $ 1,478 Units started into production during the month 24,300 Units completed and transferred out 24,400 Costs added...
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the...
Daosta 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 900 Percent complete with respect to materials 40 % Percent complete with respect to conversion 20 % Costs in the beginning inventory: Materials cost $ 530 Conversion cost $ 2108 Units started into production during the month 16,000 Units completed and transferred out 16,000 Costs added...
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the...
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the op... Daosta 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 900 Percent complete with respect to materials 40 % Percent complete with respect to conversion 20 % Costs in the beginning inventory: Materials cost $ 530 Conversion cost $...
FIFO Jarvene Corporation uses the FIFO method in its process costing system. The following data are...
FIFO 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 370 Units started into production 4,290 Units in ending inventory 340 Units transferred to the next department 4,320 ________________________________________ Materials Conversion Percentage completion of beginning inventory 70% 30% Percentage completion of ending inventory 70% 50% ________________________________________ The cost of beginning inventory according to the company’s costing...
BMG Inc. uses the weighted-average method in its process costing system. The following data concern the...
BMG Inc. uses the weighted-average 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 ........................................................... 200 Stage of completion with respect to materials ............ 60% Stage of completion with respect to conversion.......... 20% Costs in the beginning inventory: Materials cost ........................................................... $756 Conversion cost ........................................................ $1,508 Units started into production during the month .............. 18,000 Units completed and transferred out...
Cleveland Inc. uses the weighted-average method in its process costing system. The following data concern the...
Cleveland Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department - Cutting - for a recent month. Work-in-process, beginning:    Units in process 300    Percent complete with respect to materials 80%    Percent complete with respect to conversion 70% Costs in the beginning inventory:    Materials cost $1,368    Conversion cost $8,064 Units started into production during the month 11,000 Units completed and transferred out 11,000 Costs added to production during...
Bachelet Inc. uses the weighted-average method in its process costing system. The following data concern the...
Bachelet Inc. uses the weighted-average 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 400 Percent complete with respect to materials 90 % Percent complete with respect to conversion 40 % Costs in the beginning inventory: Materials cost $ 756 Conversion cost $ 4,448 Units started into production during the month 13,000 Units completed and transferred out 13,000 Costs added...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT