Question: FIFO method. i have missing information.. & not entirely sure the input i already have is correct or not Required information Problem 20-9AA FIFO: Process



Required information Problem 20-9AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The following information applies to the questions displayed below.) Dengo Co. manufactures a single product in one department. Direct labor and overhead are added evenly throughout the process, while direct materials are added at the beginning of the process. The company uses the FIFO method of process costing During October, the company completed and transferred 23,000 units to finished goods Inventory of the units completed, 3,400 were from beginning inventory and the remaining 19,600 were started and completed during the month. Beginning goods in process were 100% complete with respect to direct materials and 40% complete with respect to direct labor and overhead. The company has 2,800 units (100% complete with respect to direct materials and 80% complete with respect to direct labor and overhead) in process at month-end. Information on costs of beginning inventory and costs added during the month follows. Cost Of beginning Inventory Added during the month Raw Direct Materials Labor Overhead $ 10,300 $ 62,050 $ 49,640 266,560 620,880 496,704 Required: 1. Prepare the company's process cost summary for October using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) $ $ $ 121,990 1,384,144 1,506,134 1,506,134 Total costs to account for: Costs of beginning goods in process Costs incurred this period Total costs to account for: Total costs accounted for * Difference due to rounding cost/unit Unit reconciliation: Units to account for: Beginning goods in process inventory - units Units started this period Total units to account for Total units accounted for: Units completed and transferred out Ending goods in process - units Total units accounted for 3,400 22,400 25,800 Materials EUP. Materials Labor EUP. Labor EUP. Overhead 60% 19,600 100% 100% 19,600 100% 80% 60% 100% 80% 19,500 | Equivalent units of production (EUP)- FIFO method Unite Beginning goods in process inventory - units Units started and completed this period 19,600 Ending goods in process units Total units Cost per equivalent unit of production Costs incurred this period Total costs - Equivalent units of production Cost per equivalent unit of production frounded to 2 decimals) Materials Labor Costs Costs $ 121,990 EUP Cost per EUP Total cost OS 11.90 S 0 2,040 $ 26.00 $ 53,040 2,040 $ 20.80 $ 42,432 95,472 217,462 Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory Direct materials Direct labor Factory overhead Total cost to complete beginning inventory Total cost of units in beginning inventory Cost of units started and completed Direct materials Direct labor Factory overhead Total cost of units started and completed Total cost of units transferred out Costs of ending goods in process Direct materials Direct labor Factory overhead Total cost of ending goods in process Total costs accounted for EUP 19,600 19,600 19,600 Cost per EUP $ 11.90 $ 26.00 $ 20.80 Total cost $ 233,240 $ 509,600 $ 407,680 $ $ 1,150,520 1,367,982 EUP 2,800 2,240 2,240 Cost per EUP $ 11.90 $ 26.00 $ 20.80 Total cost 33,320 58,240 46,592 $ $ 138,152 1,506,134
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