Question: Crone Corporation uses the FIFO method in its process costing system. The following data concern the company's Assembly Department for the month of August. Cost
Crone Corporation uses the FIFO method in its process costing system. The following data concern the company's Assembly
Department for the month of August.
Cost in beginning work in process inventory
Units started and completed this month
$
Cost per equivalent unit
Materials
Equivalent units required to complete the units in beginning work in process inventory
$
Conversion
Equivalent units in ending work in process inventory
$
Required:
Required:
Determine the cost of ending work in process inventory and the cost of units transferred out of the department during August using
the FIFO method.
Note: Round final answers to the nearest whole dollar amount.
I need to know how to compute the cost of units completed and transferred out. The cost of ending
WIP that I got is correct.
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