Question 1 (100 marks) The assembly division of ABC Company uses the first-in, first out...
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Question 1 (100 marks) The assembly division of ABC Company uses the first-in, first out method of process costing. Both direct materials and conversion costs are added evenly during the process. Consider the following data for the month of June 2019: Conversion Costs $91,040 Physical Direct Materials Units Beginning work in process (June 80 $493,360 1)! Started in June 2019 500 Completed during June 2019 460 Ending work in process (June 120 302 Total costs added during June $3,220,000 2019 Degree of completion: direct materials, 90%, conversion costs, 40%. 2 Degree of completion: direct materials, 60%; conversion costs, 30%. $1,392,000 Required: 1. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. 2. Summarize the total costs to account for and assign them to units completed and to units in ending work in process. (100 marks)
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