On March 1, Winston Company had 25,000 units of beginning inventory in work in process, which were 60% complete with the following costs:

During March, 60,000 units were started. There were 15,000 units remaining in work in process at the end of the month, which were 80% complete. Materials are added at the beginning of the process, and direct labor and conversion costs are incurred evenly during the process.
March costs were:

a. Determine the equivalent units for each product cost using FIFO.

b. Calculate the unit cost for each product cost using FIFO.

c. Allocate the total costs between the finished goods and goods still in work in process using FIFO.

Transcribed Image Text:

Direct materials Direct labor Factory overhead Total beginning inventory costs $15,150 $50,000 $75,220 $140,370