Easy 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 1,450 Percent complete with respect to materials 90 Percent complete with respect to conversion 10 Costs in the beginning inventory Materials cost $ 1,918 Conversion cost $ 1,510 Units started into production during the month 24,700 Units completed and transferred out 24,800 Costs added to production during the month Materials cost $ 71,871 Conversion cost $ 543,498 Work in process, ending Units in process 1,350 Percent complete with respect to materials 70 Percent complete with respect to conversion 70 Required Using the FIFO method 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 ) c Cost of ending work selected answer incorrect d Cost of units transferred out selected answer incorrect

The Answer is in the image, click to view ...

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

Easy 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	1,450
Percent complete with respect to materials	90%
Percent complete with respect to conversion	10%
Costs in the beginning inventory:
Materials cost	$ 1,918
Conversion cost	$ 1,510
Units started into production during the month	24,700
Units completed and transferred out	24,800
Costs added to production during the month:
Materials cost	$ 71,871
Conversion cost	$ 543,498
Work in process, ending:
Units in process	1,350
Percent complete with respect to materials	70%
Percent complete with respect to conversion	70%

Required:

Using the FIFO method:

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.)

c. Cost of ending work	selected answer incorrect
d. Cost of units transferred out	selected answer incorrect

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Easy Incorporated 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 Work in process,...

Easy Incorporated 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. Work in process,...

Easy Incorporated 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. Required: Using the...

Easy Incorporated 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. Using the FIFO method:...

Easy Incorporated 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. Required: Using the...

Easy Incorporated 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. Kequired: Using the...

Easy 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,...

Easy Incorporated uses the FIFO method in its process costing system. The following data concern the operations of the company first processing department for a recent month. Required: Using the FFO...

A manager is allowed to say "my eyes are on you and you'd better watch your step" to a pro-union employee.

Find the only nonzero term in the permutation expansion of this matrix. Compute that determinant by finding the signum of the associated permutation. 0010 0101 1010 0100 3323121 2-23-312 1112233...

Company produces 1 0 , 0 0 0 pats each year, which are used in the production of One of its part. The unit product cost of a part is $ 3 0 computed as follows: variable production cost 1 0 ; fixed...

In many states in the Unites States of America, state legislators have responded to the NCAA's amateurism rules, which prohibited athletes from earning money, effectively overruling them and stopping...

1. Who is your target audience? (everyone cannot be an answer here)

What problems have created the client's needs?

create simple design pieces exhibiting visual and rhetorical focus.