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HiFiber produces fiber-optic cable and uses the FIFO method of process costing. Direct materials are...

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Accounting

HiFiber produces fiber-optic cable and uses the FIFO method of process costing. Direct materials are all added at the beginning of production and conversion costs are incurred uniformly during production.
In October, HiFiber had 2,000 units in beginning work-in-process that were 10 percent complete with respect to conversion costs. HiFiber completed 86,000 units during October, and there were 10,000 units in ending work-in-process inventory (25 percent complete for conversion costs) at the end of October.
HiFiber reported the following cost information for October production:
Direct Materials Conversion Costs
Beginning WIP costs $ 150,000 $ 10,000
Costs added in the current period $ 8,000,000 $ 4,500,000
Required: a. How many units were started in October?
b. What is the total production cost for a unit produced in October? Note: Do not round
your intermediate calculations. Round your final answer to 2 decimals.
c1. What are the total costs transferred out of production? Note: Do not round your
intermediate calculations. Round your final answer to 2 decimals.
c2. What is the total cost of ending work-in-process inventory? Note: Do not round your
intermediate calculations. Round your final answer to 2 decimals.

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