Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...
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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 Units started into production Units in ending inventory Units transferred to the next department 360 4,250 280 4,330 Materials Percentage completion of beginning inventory Percentage completion of ending inventory Conversion 30% 40% 70% sex The cost of beginning inventory according to the company's costing system was $7,830 of which $4.853 was for materlals and the remalnder was for conversion cost. The costs added during the month amounted to $177,118. The costs per equivalent unit for the month were: Cost per equivalent unit Materials $18.00 Conversion $23.00 Required: 1. Compute the total cost per equivalent unit for the month. 2. Compute the equivalent units of materlal and conversion in the ending inventory. 3. Compute the equivalent units of material and conversion that were required to complete the beginning inventory. 4. Compute the number of units started and completed during the month. 5. Compute the cost of ending work in process Inventory for materials, conversion, and in total for the month. 6. Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month. 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 Units started into production Units in ending inventory Units transferred to the next department 360 4,250 280 4,330 Materials Percentage completion of beginning inventory Percentage completion of ending inventory Conversion 30% 40% 70% sex The cost of beginning inventory according to the company's costing system was $7,830 of which $4.853 was for materlals and the remalnder was for conversion cost. The costs added during the month amounted to $177,118. The costs per equivalent unit for the month were: Cost per equivalent unit Materials $18.00 Conversion $23.00 Required: 1. Compute the total cost per equivalent unit for the month. 2. Compute the equivalent units of materlal and conversion in the ending inventory. 3. Compute the equivalent units of material and conversion that were required to complete the beginning inventory. 4. Compute the number of units started and completed during the month. 5. Compute the cost of ending work in process Inventory for materials, conversion, and in total for the month. 6. Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month.
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1 Material Equivalent Cost 1800 Conversion Equivalent Cost 2300 Total Cost per Equivalent Unit 4100 ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
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