Question: Johnston Co . uses a FIFO process costing system. At the beginning of April it had a WIP inventory of 6 0 0 units that

Johnston Co. uses a FIFO process costing system. At the beginning of April it had a WIP inventory of 600 units that were 80% complete for materials and 45% complete for conversion costs. The cost of beginning April inventory was $2300 for materials and $ $3800 for conversion costs. During April 2000 units were started. Ending April inventory consisted of 500 units that were 70% complete for materials and 30% complete for conversion costs. The costs incurred during April were $7600 for materials and $26,000 for conversion.
Prepare a physical flow schedule.
What is the number of equivalent units for materials and conversion costs?
What is the cost per equivalent unit for materials and conversion costs?
What is the cost of goods transferred out?
What is the value of ending WIP inventory?

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