Refer to the information in Exercise 4.17. Suppose that Telemark-Kjemi uses the FIFO method instead of the weighted-average method in all its departments. The only changes under the FIFO method are that the total transferred-in cost of opening work in progress is NOK 39,200 and that the cost of work done in the current period is NOK 85,600.

Required
Do Exercise 4.17 using the FIFO method.

Data from Exercise 4.17.

Telemark-Kjemi AS manufactures an industrial solvent in two departments – mixing and cooking. This question focuses on the Cooking Department. During June 2018, 90 tonnes of solvent were completed and transferred out from the Cooking Department. Direct materials are added at one point in time during the process. Conversion costs are added uniformly during the process. Telemark-Kjemi uses the weighted-average process-costing method. The following information about the actual costs for June 2018 is available.

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Transferred-in costs Direct materials Conversion costs Equivalent Total Equivalent Total Equivalent Total tonnes costs tonnes costs tonnes costs Work in progress, 1 June Work done in June 40 NOK 40 000 NOK O 30 NOK 18 000 80 NOK 87 200 90 NOK 36 000 75 NOK 49 725 Completed in June Work in progress, 30 June nin.