Cost of units completed and ending inventory; FIFO method Camargo Candy Company had a cost per
Question:
Cost of units completed and ending inventory; FIFO method \\ Camargo Candy Company had a cost per equivalent pound for the month of \(\$ 4.56\) for materials, \(\$ 1.75\) for labor, and \(\$ 1.00\) for overhead. During the month, 10,250 pounds were completed and transferred to finished goods. The 3,200 pounds in ending work in process were \(100 \%\) complete as to materials and \(60 \%\) complete as to labor and overhead. At the beginning of the month, 1,500 pounds were in process, \(100 \%\) complete as to materials and \(50 \%\) complete as to labor and overhead. The beginning inventory had a cost of \(\$ 8,775\). Camargo uses FIFO costing.}
{Required:}
1. Calculate the cost of the pounds completed and transferred.
2. Calculate the cost of ending work in process.
Step by Step Answer: