Question: Easy Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a
Easy Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month 1,350 904 108 Work in procese beginning Units in proce Percent complete with respectatorials Percent complete with respect to conversion Cost in the beginning inventory Materials cost Conversion cost Unit started into production during the month Unit completed and transferred out Costs added to production during the month: Materials cont Converulon cost Work in procanding Unita in process Percent complete with respect to materiale Percent complete with respect to conversion $ 1,902 $ 1,494 24,500 24, 600 $71,721 5543,398 1.250 700 700 Required: Using the FIFO methods o. 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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