28. (EUP; cost per EUP; cost assignment; FIFO & weighted average) Berne Company mass produces miniature speakers
Question:
28. (EUP; cost per EUP; cost assignment; FIFO & weighted average) Berne Company mass produces miniature speakers for portable CD players. The following Taccount presents the firm’s cost information for February 2001:
The company had 400 units in process on February 1. These units were 40 percent complete as to material and 30 percent complete as to conversion. During February, the firm started 1,500 units and ended the month with 150 units still in process. The units in ending WIP Inventory were 20 percent complete as to material and 70 percent complete as to conversion.
a. Compute the unit costs for February under the FIFO method for direct material and for conversion.
b. Compute the unit costs for February under the weighted average method for direct material and for conversion.
c. Determine the total costs transferred to Finished Goods Inventory during February using the FIFO method.
Transcribed Image Text:
2/1 Direct material cost in BI 2/1 Conversion cost in Bl Work In Process Inventory $ 1,027 588 Feb. DM received 11,682 Feb. DL incurred 2,513 Feb. OH applied to production 1,257
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