Question: How do I calculate the process costing using FIFO method Quiz 4 The following information relates to the Blending Department of Gamma Inc. for the

How do I calculate the process costing using FIFO method

How do I calculate the process costing using FIFO method Quiz 4

Quiz 4 The following information relates to the Blending Department of Gamma Inc. for the month of March: Percentage Completed Units (With respect to conversion) Units started 55,000 Completed and transferred 50,000 Beginning work in process 15,000 70% Ending work in process 20000 40% Labor and Materials Overhead Transferred- In Costs for March: Beginning work in process $ 48,000 $ 37,100 $ 76,000 Added during the month $232,000 $171,500 $274,000 All materials are added at the beginning of the process. a. Using first-in, first-out (FIFO) process costing, calculate the equivalent units for March. b. Using first-in, first-out (FIFO) process costing, calculate the cost per equivalent unit for March. (round cost/equivalent unit to 4 decimal places) c. Using first-in, first-out (FIFO) process costing, calculate the cost of the 50,000 units that were completed and transferred out in March. Show your calculations

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