Question: Nikki Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operation in one of

Nikki Corporation uses the FIFO method in its

Nikki Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operation in one of the company's processing departments. Units Percentage of completion Material Conversion Units in beginning inventory 400 80% 40% Units started into production 3,000 Units in ending inventory 300 70% 60% Units transferred to the next 3, 100 department The cost of beginning inventory according to the company's costing system was $11, 040 of which $8, 120 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $132, 730. The cost per equivalent for the month were $25.40 for materials and $18.20 for conversion. Required: 1. Compute the equivalent unit of material and conversion for the month in the beginning inventory. 2. Compute the number of units started and completed during the month. 3. Compute the equivalent unit for material and conversion in the ending inventory. Compute the cost of ending work in process inventory for materials, conversion, and in total for the month. Nikki Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operation in one of the company's processing departments. Units Percentage of completion Material Conversion Units in beginning inventory 400 80% 40% Units started into production 3,000 Units in ending inventory 300 70% 60% Units transferred to the next 3, 100 department The cost of beginning inventory according to the company's costing system was $11, 040 of which $8, 120 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $132, 730. The cost per equivalent for the month were $25.40 for materials and $18.20 for conversion. Required: 1. Compute the equivalent unit of material and conversion for the month in the beginning inventory. 2. Compute the number of units started and completed during the month. 3. Compute the equivalent unit for material and conversion in the ending inventory. Compute the cost of ending work in process inventory for materials, conversion, and in total for the month

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

? BestChip (BC) is a large nationwide corporation that produces low-fat snack products for an expanding market (pun intended). Basically, BC takes materials (corn, wheat, and potatoes) and turns them...

EXERCISE 8-3 Direct Materials Budget LO8-4 Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk...

I need help with this please Nikki Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operation in one of the company's processing...

Easy Incorporated uses the FIFO method in its process costing system. The following data concern the operations of the company first processing department for a recent month. Required: Using the FFO...

3. Al Naseem Corporation uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for the month of February:...

Any one 3. Al Naseem Corporation uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for the month of February:...

Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October Work in process, October 1 Work in process, October...

1. Compute the total cost per equivalent unit for the month. 2. Compute the equivalent units of material and conversion in the ending inventory. 3. Compute the equivalent units of material and...

4 6.66 paints eBook Print Exercise 4A-9 (Algo) Equivalent Units; Equivalent Units of Production; Assigning Costs-FIFO Method [LO4-6, LO4-7, LO4-8] Jarvene Corporation uses the FIFO method in its...

Please answer all requirements Jarvene Corporation uses the FFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing...

A company forfeited 2000 shares of Rs. 10 each(which were issued at par) held by Mr. John for non-payment of allotment money of Rs. 4 per share. The called up value per share was Rs. 9. On...

The sample space contains 6 As and 4 Bs. What is the probability that a randomly selected set of 3 will include 1 A and 2 Bs?

2.65 points eBook Ask Tan Corporation of Japan has two regional divisions with headquarters in Osaka and Yokohama. Selected data on the two divisions follow: Sales Net operating income Average...

atch the compensation objectives with their meanings. Efficiency Efficiency drop zone empty. Fairness Fairness drop zone empty. Compliance Compliance drop zone empty. Improving performance and...