Question: Refer to E3-10 for information regarding Smith Company. Required: Complete all requirements for E3-10 using the FIFO method of process costing. Data from E3-10 Smith

Refer to E3-10 for information regarding Smith Company.

Required:

Complete all requirements for E3-10 using the FIFO method of process costing.

Data from E3-10

Smith Company manufactures pencils and has the following information available for the month of July:

Work in process, July 1 (100% complete for materials, 60% for conversion)

Work in process, July 1 (100% complete for materials, 60% for conversion) Direct materials Conversion Number of units started July costs 150,000 units $10,000 $35,000 200,000 units Direct materials Conversion Work in process, July 31 (100% complete for materials, 10% for conversion) $13,000 $48,000 140,000 units

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