Refer to the information in Exercise 17-24. Suppose that Asaya uses the FIFO method instead of the weighted-average method in all of its departments. The only changes to Exercise 17-24 under the FIFO method are that the total transferred- in costs of beginning work in process on June 1 are $60,000 (instead of $75,000) and total transferred-in costs added during June are $130,800 (instead of $142,500).
REQUIRED
Do Exercise 17-24 using the FIFO method. You first need to calculate the equivalent units of work done in the current period (for transferred-in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process.