FIFO Cost Flow—Process Costing The cleaning division of Clark Corn Company had the following data for January:

Required:
1. Using the FIFO cost flow method, compute the per-ton cost of corn processed by the cleaning division in this period (all materials are in place at the beginning of the process).
2. Compute the cost of the 39,900 tons of corn that were started and completed during January.
3. Compute the cost of the ending work-in-process inventory.

Transcribed Image Text:

Beginning work-in-process inventory Units started in production Costs added this month Ending work-in-process inventory Units completed during month and transferred to packing Percentage Tons Completed Direct Materials Costs Conversion Costs 800 75% $ 15,250 $ 2,000 41,100 904,200 182,340 1,200 35% 40,700