Groupe Corporation manufactures a product in a two-stage production process (Department A and Department B). The following data is given for Department A for November:

Units for November:
Work in process, beginning inventory November 1	300 units
Direct materials (100% complete)
Conversion (30% complete)
Units started in November:	2,200 units
Work in process, ending inventory November 30	500 units
Direct materials (100% complete)
Conversion (50%)
Costs for November:
Work in process, beginning inventory
Direct materials	$7,100
Conversion	$4,525
Costs added during November:
Direct materials	$70,400
Conversion	$40,100

Round to two decimal places.

Required:

a. How many equivalent units of conversion does it take to complete the beginning inventory in the current period?

b. What is the FIFO cost assigned to the ending inventory? (Show the calculation of cost per unit).

c. What is the FIFO cost assigned to the units transferred out?

d. Show the T-account for the forming process.

Answer rating: 100% (QA)

a As described previously process costing can have more than one work in process account Determining the value of the work in process inventory accounts is challenging because each product is at varyi... View the full answer