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A department uses the FIFO method of process costing. All directmaterials are added at...

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Accounting

A department uses the FIFO method of process costing. All directmaterials are added at the beginning of the process. Thisdepartment has the following data for this month.

  • 239 units in beginning WIP (35% complete with respect toconversion costs).
  • 10,418 units started
  • 193 units in ending WIP (71% complete with respect toconversion costs).
  • $21 direct material cost per equivalent unit
  • $12 conversion cost per equivalent unit

What is the department's total cost of ending WIP for this month(round final answer to nearest cent if necessary)?

Please explain how you found this this answer

Answer & Explanation Solved by verified expert
4.3 Ratings (921 Votes)
AnswerDepartments total cost of ending WIP for this month 569736 Working STEP 1 FIFO Reconciliation of Units Units already completed completed this period Material Conversion cost Material Conversion    See Answer
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In: AccountingA department uses the FIFO method of process costing. All directmaterials are added at the...A department uses the FIFO method of process costing. All directmaterials are added at the beginning of the process. Thisdepartment has the following data for this month.239 units in beginning WIP (35% complete with respect toconversion costs).10,418 units started193 units in ending WIP (71% complete with respect toconversion costs).$21 direct material cost per equivalent unit$12 conversion cost per equivalent unitWhat is the department's total cost of ending WIP for this month(round final answer to nearest cent if necessary)?Please explain how you found this this answer

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