Question: Calculate costs using the FIFO method Data Units Percent Complete Transferred-in Direct Materials Conversion Units in beginning WIP inventory 12,500 ? 60% 40% Units Started

Calculate costs using the FIFO method
Data
Units Percent Complete
Transferred-in Direct Materials Conversion
Units in beginning WIP inventory 12,500 ? 60% 40%
Units Started 127,500
Ending WIP 20,000 ? 50% 90%
total units
Beginning Cost $ 98,000 $ 164,000 $ 61,000
Costs Added $ 2,142,000 $ 939,600 $ 225,000
Answers
Cost of units transferred out
Cost of work-in-process ending inventory

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