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Process Costing - FIFO Assumptions The Stones Company had unfinished units in both of its manufacturing operations. Production and cost data for the prior month for both Departments is provided below: Department A Beginning of Month End of Month 24,000 20,000 Beginning units Percentage completion: Direct material Direct labor and overhead 100% 75% 100% 60% Beginning Costs $ 188,000 Inputs for Month -- Department A Units introduced 60,000 Cost introduced Direct material Direct labor and overhead S 315,000 $ 261,000 Department B Beginning of Month End of Month 8,000 10,000 Beginning units Percentage completion: Direct material Direct labor/ overhead 100% 25% 100% 30% Beginning costs $ 92,000 Inputs for Month--Department B Units introduced Cost introduced: ? Transferred-in Direct material $ 83,200 $ 214,200 Direct labor & overhead A. Required: Complete the following sequence of steps for Department A. 1. Compute physical flow and equivalent full units. (use back of sheet, if necessary) 2. Compute unit costs. 3. Determine ending work-in-process for Department A. 4. Prepare the journal entry to transfer costs to Department B. Work in Process - Dept. B Beg. WIP 92,000 Work-In-Process - Dept. A Beg. WIP 188,000 DM...... 315,000 DL & OH... 261,000 (transferred out) DM... DL &OH.. 83,200 214,200 Transferred to F/G End. WIP... End WIP (?) ANSWER SHEET A. Required: Complete the following sequence of steps for Department B. 1. Compute physical flow and equivalent full units. 2. Compute unit costs. 3. Determine the ending work-in-process for Department B. 4. Prepare the journal entry to transfer costs to Finished Good. Finished Goods NA Beg. F/G Work-In-Process - Dept. B Beg. WIP 92,000 TI DM ... 83,200 DL&OH 214,200 (transferred to F/G) (?) ...... (?). transferred from Dept. B End F/G End. WIP