Bio Track Corporation is a biotech company that makes a cancer treatment drug in a single...

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Bio Track Corporation is a biotech company that makes a cancer treatment drug in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Bio Track uses the first-in, first-out (FIFO) method of process costing. The following information for July is available: (Click the icon to view the data.) (Click the icon to view total costs.) Required Note that you first need to calculate the equivalent units of work done in the current period (for direct materials and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. Data Equivalent Units Conversion Costs 8,750 Work in process, July 1ª Started during July Physical Direct Units Materials 12,500 12,500 50,000 42,500 42,500 42,500 20,000 20,000 10,000 aDegree of completion: direct materials, 100%; conversion costs, 70%. Degree of completion: direct materials, 100%; conversion costs, 50%. Completed and transferred out during July Work in process, July 31 X Total costs Total Costs for July Work in process, beginning Direct materials Conversion costs Direct materials added during July Conversion costs added during July Total costs to account for $ 75,000 87,500 $ $ 162,500 350,000 463,750 976,250 X Requirement 1. Calculate the cost per equivalent unit for direct materials and conversion costs using the FIFO method. Enter the physical units first, and then calculate the equivalent units. (Round your answers to the nearest whole unit. Enter an amount in each input cell.) Flow of Production Work in process, beginning Started during current period To account for Physical Units Equivalent Units Direct Materials Conversion Costs Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Work done to date Requirement 2. Summarize total costs to account for, and assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by summarizing the total costs to account for. Total costs to account for Total Production Costs Direct Materials. Conversion Costs Next calculate cost per equivalent unit for direct materials and conversion costs. (Round your cost per equivalent unit to four decimal places.) Direct Materials Conversion Costs Divide by: Cost per equivalent unit for work done in current period Finally, assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the total from beginning inventory, and then calculate the total costs accounted for. (Round your answers to the nearest dollar.) Completed and transferred out: Total from beginning inventory Total costs of units completed and transferred out Total Production Costs Direct Materials Conversion Costs Bio Track Corporation is a biotech company that makes a cancer treatment drug in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Bio Track uses the first-in, first-out (FIFO) method of process costing. The following information for July is available: (Click the icon to view the data.) (Click the icon to view total costs.) Required Note that you first need to calculate the equivalent units of work done in the current period (for direct materials and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. Data Equivalent Units Conversion Costs 8,750 Work in process, July 1ª Started during July Physical Direct Units Materials 12,500 12,500 50,000 42,500 42,500 42,500 20,000 20,000 10,000 aDegree of completion: direct materials, 100%; conversion costs, 70%. Degree of completion: direct materials, 100%; conversion costs, 50%. Completed and transferred out during July Work in process, July 31 X Total costs Total Costs for July Work in process, beginning Direct materials Conversion costs Direct materials added during July Conversion costs added during July Total costs to account for $ 75,000 87,500 $ $ 162,500 350,000 463,750 976,250 X Requirement 1. Calculate the cost per equivalent unit for direct materials and conversion costs using the FIFO method. Enter the physical units first, and then calculate the equivalent units. (Round your answers to the nearest whole unit. Enter an amount in each input cell.) Flow of Production Work in process, beginning Started during current period To account for Physical Units Equivalent Units Direct Materials Conversion Costs Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Work done to date Requirement 2. Summarize total costs to account for, and assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by summarizing the total costs to account for. Total costs to account for Total Production Costs Direct Materials. Conversion Costs Next calculate cost per equivalent unit for direct materials and conversion costs. (Round your cost per equivalent unit to four decimal places.) Direct Materials Conversion Costs Divide by: Cost per equivalent unit for work done in current period Finally, assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the total from beginning inventory, and then calculate the total costs accounted for. (Round your answers to the nearest dollar.) Completed and transferred out: Total from beginning inventory Total costs of units completed and transferred out Total Production Costs Direct Materials Conversion Costs

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Stepbystep explanation Requirement 1 Equivalent Units Flow of Production Physical Units Direct Mater... View the full answer