A B 1 Process Costing E F G H 2 FIFO method, assigning costs 3 The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the 4 following data for the month of May 2020: 5 Beginning work in process (May 1) Started in May 2020 Completed during May 2020 a 9 Ending work in process (May 31) b 11 Total costs added during May 2020 13 14 67820722156765 19 Degree of completion: Direct materials Conversion costs b Degree of completion: Direct materials Conversion costs Physical Units (Watches) Direct Materials Conversion Costs 100 $459,888 $142,570 510 450 160 $3,237,000 $1,916,000 80% 35% 80% 40% Equivalent Units Conversion 22222222 20 Flow of Production Direct Materials Costs 21 Completed and transferred out during current period From beginning work in process 23 Started and completed 24 Work in process, ending 25 Equivalent units of work done in current period 20 65 350 350 128 64 498 479 26 27 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the 28 Instructions tab you will be marked wrong. 29 30 Requirement Summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work in 31 process. 32 33 Saving & Submitting Solution 34 35 3333333 1 Save file to desktop. a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 2 Upload and submit your file to be graded. Navigate back to the activity window - screen where you downloaded the initial spreadsheet b. Click Choose button under step 3; locate the file you just saved and click Open 36 37 a. 38 39 C. Click Upload button under step 3 40 d. Click Submit button under step 4 41 42 INSTRUCTIONS ENTERANSWERS + Ready Accessibility: Investigate (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab 1 you will be marked wrong.) 2 3 4 Work in process, beginning 5 Costs added in current period 6 Total costs to account for 7 8 Costs added in current period 9 Divide by: equivalent units of work done in current period 10 Cost per equivalent unit of work done in current period 11 12 Assignment of costs: 13 Completed and transferred out: 14 Work in process, beginning 15 Costs added to beginning work in process in current period 16 17 Started and completed 18 Total from beginning inventory Total costs of units completed and transferred out 19 Work in process, ending 20 Total costs accounted for 21 22 22 Total Production Conversion Costs Direct Materials Costs