Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...
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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 company's processing departments: Units in beginning inventory Units started into production Units in ending inventory Units transferred to the next department 430 4,280 260 4,450 Percentage completion of beginning inventory Percentage completion of ending inventory Materials 80% 70% Conversion 20% 30% The cost of beginning inventory according to the company's costing system was $7,893 of which $4,815 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $179,350. The costs per equivalent unit for the month were: Cost per equivalent unit Materials Conversion $ 18.00 $ 23.00 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. 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 company's processing departments: Units in beginning inventory Units started into production Units in ending inventory Units transferred to the next department 430 4,280 260 4,450 Percentage completion of beginning inventory Percentage completion of ending inventory Materials 80% 70% Conversion 20% 30% The cost of beginning inventory according to the company's costing system was $7,893 of which $4,815 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $179,350. The costs per equivalent unit for the month were: Cost per equivalent unit Materials Conversion $ 18.00 $ 23.00 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.
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1 Total cost per equivalent unit for the month Total cost added during the month 179350 Equivalent u... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0078111006
14th edition
Authors: Ray Garrison, Eric Noreen and Peter Brewer
Posted Date:
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