CoursHeroTranscribedText Easy Inc. uses the FIFO method in its process costing system. The following data concern the
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Easy Inc. uses the FIFO method in its process costing system. The following data concern the cerations of the company's first processing department for a recent month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Unite started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Unite in process Percent complete with respect to materials Percent complete with respect to conversion 800 908 108 $ 1,814 $ 1,406 23,400 23,500 $ 71,221 $542,848 700 708 708 Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Req A and B Req C and D a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. (Round your answers to 2 decimal places.) Materials Conversion a. Equivalent units of production b. Cost per equivalent unit Req A and B Req C and D c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.) Cost of ending work d. Cost of units transferred out Easy Inc. uses the FIFO method in its process costing system. The following data concern the cerations of the company's first processing department for a recent month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Unite started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Unite in process Percent complete with respect to materials Percent complete with respect to conversion 800 908 108 $ 1,814 $ 1,406 23,400 23,500 $ 71,221 $542,848 700 708 708 Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Req A and B Req C and D a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. (Round your answers to 2 decimal places.) Materials Conversion a. Equivalent units of production b. Cost per equivalent unit Req A and B Req C and D c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.) Cost of ending work d. Cost of units transferred out
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Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
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