Question

FIFO method, assigning costs (continuation of 11-21). For the data in Exercise 17-19, use the FIFO method to summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed (and transferred out) and to units in ending work in process.

 

Answer 1

FIFO method, assigning costs (continuation of 17-21).

Solution Exhibit 17-22 summarizes total costs to account for, calculates cost per equivalent unit of work done in May 2009 in the Assembly Division of Fenton Watches, Inc., and assigns total costs to units completed and to units in ending work-in-process inventory.

SOLUTION EXHIBIT 17-22

Steps 3, 4, and 5: Summarize Total Costs to Account For, Compute Cost per Equivalent Unit, and Assign Total Costs to Units Completed and to Units in Ending Work in Process;

FIFO Method of Process Costing, Assembly Division of Fenton Watches, Inc., for May 2009.

 

*Equivalent units used to complete beginning work in process from Solution Exhibit 17-21, Step 2.

†Equivalent units started and completed from Solution Exhibit 17-21, Step 2.

#Equivalent units in work in process, ending from Solution Exhibit 17-21, Step 2.