Question: 4) Qu Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are

4) Qu Corporation uses the FIFO method in its process costing system.

4) Qu Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Units in beginning work in process inventory Materials costs 900 $9,800 Conversion costs $9,200 55% 30% 8,400 Percentage complete with respect to materials Percentage complete with respect to conversion Units started into production during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: $130,400 $220,600 2,200 Units in ending work in process inventory Percentage complete with respect to materials Percentage complete with respect to conversion 65% 25% Required: (5) 1. Compute the equivalent units of production for the first department for the month. 2. Compute the cost per equivalent unit for the first department for the month. (5) 3. Apply cost to determine the value of ending work in process inventory and the units completed and transferred out to next department. (5) 4. Prepare a cost reconciliation report. (5)

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