Jarvene Corporation uses the FIFO method in its process costing system. The following data are...
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Accounting
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the companys processing departments:
Units in beginning inventory
410
Units started into production
4,310
Units in ending inventory
310
Units transferred to the next department
4,410
Materials
Conversion
Percentage completion of beginning inventory
60
%
40
%
Percentage completion of ending inventory
90
%
30
%
The cost of beginning inventory according to the companys costing system was $7,830 of which $4,824 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $184,110. The costs per equivalent unit for the month were:
Materials
Conversion
Cost per equivalent unit
$18.00
$24.00
Required:
1. Compute the total cost per equivalent unit for the month.
2. Compute the equivalent units of material and conversion in the ending inventory.
3. Compute the equivalent units of material and conversion that were required to complete the beginning inventory.
4. Compute the number of units started and completed during the month.
5. Compute the cost of ending work in process inventory for materials, conversion, and in total for the month.
6. Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Required 5
Required 6
Compute the total cost per equivalent unit for the month. (Round your answer to 2 decimal places.)
Total cost per equivalent unit
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Required 5
Required 6
Compute the equivalent units of material and conversion in the ending inventory.
Materials
Conversion
Equivalent units
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Required 5
Required 6
Compute the equivalent units of material and conversion that were required to complete the beginning inventory.
Materials
Conversion
Equivalent units
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Required 5
Required 6
Compute the number of units started and completed during the month.
Number of units started and completed
Required 1
Required 2
Required 3
Required 4
Required 5
Required 6
Compute the cost of ending work in process inventory for materials, conversion, and in total for the month. (Round your intermediate calculations to 2 decimal places.)
Materials
Conversion
Total
Cost of ending work in process inventory
Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month. (Round your intermediate calculations to 2 decimal places.)
Materials
Conversion
Total
Total cost of units transferred out
Answer & Explanation
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