Calculation of the FIFO equivalent units of production for the direct materials and the conversion costs. Calculation
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Question:
- Calculation of the FIFO equivalent units of production for the direct materials and the conversion costs.
- Calculation of the FIFO costs per equivalent units of production for the direct materials and the conversion costs.
- Allocation of the direct materials costs and the conversion costs to the department output.
Ortega Restorative Oils Corp. | |
Formulation Department Basic Production Data | |
For the Month Ending March 31, 2023 | |
Liters in Work In-Process at March 1 | 350,000 |
% Complete as to Materials | 80% |
% Complete as to Conversion Costs | 20% |
Cost of Work In-Process at March 1: | |
Materials | $ 2,240,000 |
Conversion Costs | $ 322,000 |
Liters Entered into Production during March | 1,400,000 |
Costs Extended into Production during March: | |
Materials | $ 10,481,100 |
Conversion Costs | $ 7,808,500 |
Liters in Work In-Process at March 31 | 280,000 |
% Complete as to Materials | 65% |
% Complete as to Conversion Costs | 40% |
Prepare a departmental cost report using the FIFO method for the Formulation Department for March 2023. The cost report must include three parts:
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