Question: FIFO method please Required information Problem 20-9AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 (The following information applies to



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.) Total costs to account for: Total costs to account for: Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Total units accounted for Equivalent units of production (EUP)- FIFO method Units % Materials EUP-Materials % Labor EUP. Labor Overhead EUP- Overhead Total units Cost per equivalent unit of production Materials Labor Overhead Total costs Costs Costs Costs EUP EUP EUP - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) s ) Required information Los per equivalent urn or procucion JUNONG 10 Z Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory Direct materials EUP Cost per EUP Total cost Direct labor EUP Cost per EUP Total cost 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 Cost per EUP Total cost
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
