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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 system was $7,836, of which $4,852 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $178,099. 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 of conversion in the ending inventory. 3. Compute the equivalent units of material and of conversion that were required to complete the beginning inventory. 4. Determine the number of units started and completed during the month. 5. Determine the costs of ending inventory and units transferred out.
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ekkarill92 answered 1 year agoRelated Solutions
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...
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
440
Units started into production
4,260
Units in ending inventory
280
Units transferred to the next department
4,420
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...
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...
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
390
Units started into production
4,300
Units in ending inventory
260
Units transferred to the next department
4,430
Materials
Conversion
Percentage completion of beginning inventory
60
%
40
%
Percentage completion of ending inventory
70
%
50
%
The cost of beginning inventory according to the company’s...
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...
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...
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...
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
390
Units started into
production
4,290
Units in ending inventory
340
Units transferred to the next
department
4,340
Materials
Conversion
Percentage completion of
beginning inventory
80
%
20
%
Percentage completion of ending
inventory
70
%
30
%
The cost of beginning inventory according to the company’s...
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...
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
410
Units started into production
4,310
Units in ending inventory
310
Units transferred to the next department
4,410
Materials
Conversion
Percentage completion of beginning inventory
60
%
40
%
Percentage completion of ending inventory
90
%
30
%
The cost of beginning inventory according to the company’s...
arvene Corporation uses the FIFO method in its process costing system. The following data are for...
arvene 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
430
Units started into production
4,270
Units in ending inventory
310
Units transferred to the next department
4,390
Materials
Conversion
Percentage completion of beginning inventory
60
%
40
%
Percentage completion of ending inventory
70
%
50
%
The cost of beginning inventory according to the company’s...
Tabet Corporation uses the FIFO method in its process costing system. Operating data for the Curing...
Tabet Corporation uses the FIFO method in its process costing
system. Operating data for the Curing Department for the month of
March appear below:
Units
Percent Complete with Respect to
Conversion
Beginning work in process inventory
5,800
70
%
Transferred in from the prior department during March
57,100
Completed and transferred to the next department during
March
58,800
Ending work in process inventory
4,100
90
%
According to the company’s records, the conversion cost in
beginning work in process inventory...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...
Mullins Corporation uses the FIFO method in its process costing
system. Data concerning the first processing department for the
most recent month are listed below:
Mullins Corporation uses the FIFO method in its process costing
system. Data concerning the first processing department for the
most recent month are listed below:
Beginning work in process inventory:
Units in beginning work in process inventory
1,100
Materials costs
$
12,300
Conversion costs
$
22,600
Percent complete with respect to materials
75
%
Percent...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...
Mullins Corporation uses the FIFO method in its process costing
system. Data concerning the first processing department for the
most recent month are listed below:
Beginning work in
process inventory:
Units in beginning
work in process inventory
1150?
Materials
costs
$
12,400?
Conversion
costs
$
22,650?
Percent complete
with respect to materials
75?
%
Percent complete
with respect to conversion
65?
%
Units started into
production during the month
9500?
Units transferred
to the next department during the month
8700?...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...
Mullins Corporation uses the FIFO method in its process costing
system. Data concerning the first processing department for the
most recent month are listed below:
Beginning work in process inventory:
Units in beginning work in process inventory
1,300
Materials costs
$
12,700
Conversion costs
$
22,800
Percent complete with respect to materials
75
%
Percent complete with respect to conversion
65
%
Units started into production during the month
9,800
Units transferred to the next department during the month
9,000...
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