Question: Please help. Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the companys first processing department

Please help.

Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the companys first processing department for a recent month.

Work in process, beginning:
Units in process 300
Percent complete with respect to materials 40 %
Percent complete with respect to conversion 20 %
Costs in the beginning inventory:
Materials cost $ 500
Conversion cost $ 2,090
Units started into production during the month 10,000
Units completed and transferred out 10,100
Costs added to production during the month:
Materials cost $ 15,624
Conversion cost $ 253,500
Work in process, ending:
Units in process 200
Percent complete with respect to materials 50 %
Percent complete with respect to conversion 50 %

Required:

Using the FIFO method:

a. Determine the equivalent units of production for materials and conversion costs.

b. Determine the cost per equivalent unit for materials and conversion costs.

c. Determine the cost of ending work in process inventory.

d. Determine the cost of units transferred out of the department during the month.

a. Determine the equivalent units of production for materials and conversion costs.

Equivalent Units of Production
Materials
Conversion

b. Determine the cost per equivalent unit for materials and conversion costs. (Round your final answers to 2 decimal places.)

Cost per Equivalent Unit
Materials
Conversion

Determine the cost of ending work in process inventory.

Cost of ending WIP

Determine the cost of units transferred out of the department during the month.

Cost of units transferred out

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