Use the following data to calculate “cost to be accounted for” and “cost accounted for”. This requires you to determine the cost per equivalent unit for material and conversion (fill in all the blank spaces). Complete these tasks using the FIFO method.

  

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FIFO Method WIP: 01Nov Units Started into Production Units Completed & Transferred Out WIP: 30 Nov WIP Units: 01 Nov Units Started into Production WIP Units: 30 Nov Total units WIP: 01 Nov Started & Transferred Out WIP: 30 Nov Total Equivalent Units Produced Cost added to assemble Cost per equivalent units WIP: Unit 30 Nov WIP Cost 30 Nov Cost in beginning inventory es Units 650 7,000 6,550 1,100 $250,000 $12,000 es Material Conversion 30% 45% $200,000 $3,500 es $ 50% 20% $50,000 $8,500 FIFO Method WIP: 01Nov Units Started into Production Units Completed & Transferred Out WIP: 30 Nov WIP Units: 01 Nov Units Started into Production WIP Units: 30 Nov Total units WIP: 01 Nov Started & Transferred Out WIP: 30 Nov Total Equivalent Units Produced Cost added to assemble Cost per equivalent units WIP: Unit 30 Nov WIP Cost 30 Nov Cost in beginning inventory es Units 650 7,000 6,550 1,100 $250,000 $12,000 es Material Conversion 30% 45% $200,000 $3,500 es $ 50% 20% $50,000 $8,500

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Steps Step 1 of 1 The cost of production report using FIFo method is provided as below with working ... View the full answer