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

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Accounting

  1. 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.

    • 182 units in beginning WIP (53% complete with respect toconversion costs).
    • 11,540 units started
    • 184 units in ending WIP (55% complete with respect toconversion costs).
    • $15 direct material cost per equivalent unit
    • $17 conversion cost per equivalent unit
    • $4,432 beginning WIP direct materials costs
    • $3,638 beginning WIP conversion costs

    What is the department's total cost of units completed andtransferred out (round final answer to nearest cent ifnecessary)?

Answer & Explanation Solved by verified expert
4.4 Ratings (785 Votes)
Solution Total Units Completed 37291618 Ending Inventory 448040 Working STEP 1 FIFO Reconciliation of Units Units already completed completed this period Material Conversion cost Material Conversion cost Beginning WIP 182 100 53 0 47 Units introduced 11540 Total units to be accounted for 11722 Completed and Transferred unit 11538 0 0 100 100 Ending WIP 184 0 0 100 55 0 STEP    See Answer
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