Question: Daosta Incorporated uses the FIFO method in its process costing system. The following data concern the operations of the companys first processing department for a

Daosta Incorporated uses the FIFO method in its process costing system. The following data concern the operations of the companys first processing department for a recent month. Work in process, beginning: Units in process 800 Percent complete with respect to materials 40% Percent complete with respect to conversion 20% Costs in the beginning inventory: Materials cost $ 560 Conversion cost $ 2,126 Units started into production during the month 22,000 Units completed and transferred out 22,000 Costs added to production during the month: Materials cost $ 51,888 Conversion cost $ 582,688 Work in process, ending: Units in process 800 Percent complete with respect to materials 50% Percent complete with respect to conversion 50%

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.

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