You were given the following data for Departments 1 & 2 in a process costing set...

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You were given the following data for Departments 1 & 2 in a process costing set up where the output of Dept. 1 goes to Dept. 2: In process, beginning Stage of completion Started in process Transferred-out In process, ending Stage of completion Costs: In process, beginning Materials Conversion Transferred-in Costs: Current Materials Conversion Dept. 1 1,000 50% 5,000 4,000 1,600 50% 5,000 8,010 15,000 43,830 Dept. 2 800 25% 4,000 2,000 1,800 25% 2,500 5,000 3,300 17,990 59,850 Dept. 1 adds all materials at the start of the process while Dept. 2 adds 50% of materials at the start and remaining at 75% completion. For Departments 1 & 2, respectively: 1. Compute for cost assigned to completed units using FIFO and assuming loss of units is normal & the units were lost at 25% completion. 2. Compute for cost assigned to ending in-process, ending using WA and assuming loss of units is normal & the units were lost at 80% completion. You were given the following data for Departments 1 & 2 in a process costing set up where the output of Dept. 1 goes to Dept. 2: In process, beginning Stage of completion Started in process Transferred-out In process, ending Stage of completion Costs: In process, beginning Materials Conversion Transferred-in Costs: Current Materials Conversion Dept. 1 1,000 50% 5,000 4,000 1,600 50% 5,000 8,010 15,000 43,830 Dept. 2 800 25% 4,000 2,000 1,800 25% 2,500 5,000 3,300 17,990 59,850 Dept. 1 adds all materials at the start of the process while Dept. 2 adds 50% of materials at the start and remaining at 75% completion. For Departments 1 & 2, respectively: 1. Compute for cost assigned to completed units using FIFO and assuming loss of units is normal & the units were lost at 25% completion. 2. Compute for cost assigned to ending in-process, ending using WA and assuming loss of units is normal & the units were lost at 80% completion.

Answer rating: 100% (QA)

SOLUTION To compute the cost assigned to completed units using FIFO and assuming loss of units is normal and the units were lost at 25 completion we need to first calculate the equivalent units of pro... View the full answer